This report analyzes credit derivatives trading activity reported in Europe. The analysis shows European credit derivatives transactions based on the location of reporting venues (EU versus UK) and product type. The report also compares European-reported credit derivatives trading activity to what is reported in the US.
Key highlights of the third quarter of 2025 include:
- European credit default swap (CDS) traded notional rose by 38.4% to $3.5 trillion in the third quarter of 2025 compared to $2.5 trillion in the third quarter of 2024. 79.5% of CDS traded notional in Europe was reported in the UK, with the EU accounting for 20.5%.
- Index CDS comprised 89.3% of CDS traded notional in Europe and single-name CDS accounted for 10.7%.
- European index CDS traded notional increased by 42.3% to $3.1 trillion from $2.2 trillion, with the UK representing 77.3% and the EU making up 22.7%.
- European single-name CDS grew by 12.6% to $370.0 billion from $328.5 billion. The UK accounted for the majority of single-name CDS trading in Europe, comprising 98.2% of traded notional, while the EU accounted for 1.8%.
- CDS traded notional reported in the US increased by 21.7% to $4.7 trillion from $3.9 trillion. Combined European and US traded notional rose to $8.2 trillion from $6.4 trillion.
Click on the attached PDF to read the full report.
Documents (1) for Credit Derivatives Trading Activity Reported in EU, UK and US Markets: Third Quarter of 2025 and Year-to-September 30, 2025
Latest
Response to MAS on Recovery and Resolution
On May 8, ISDA and the FIA responded to the Monetary Authority of Singapore’s (MAS) consultation on recovery and resolution planning and enhancement of resolution powers for capital market infrastructures. The response supports the proposed framework for recovery and orderly...
SwapsInfo First Quarter of 2026 Review
Trading activity in interest rate derivatives (IRD) and credit derivatives increased in the first quarter of 2026 compared to the first quarter of 2025. IRD traded notional grew by 38.1%, led by increased activity in overnight index swaps (OIS). Index...
ISDA AGM Studio: Nikita Cotton and Claire Gerrand
Participants from ISDA’s Future Leaders in Derivatives (IFLD) program discuss the opportunities and issues raised by the shift to digital assets and the insights gained from collaborating with peers through the IFLD. Nikita Cotton, senior associate at Morgan, Lewis &...
ISDA Publishes Overview of EU Clearing Landscape
On May 11, ISDA published a paper providing an overview of the EU clearing landscape following the implementation of the European Market Infrastructure Regulation 3.0 (EMIR 3.0). The paper assesses the early operational impact of the active account requirement, including its...