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
ISDA Comments: OSC Call for Feedback
On June 26, 2026, ISDA submitted comments to the Ontario Securities Commission’s (OSC) consultation on facilitating access to its regulatory framework and reducing burden for capital markets participants by publishing a machine-readable dataset of regulatory instruments. The comments are supportive...
ISDA Comments on EP's MISP Draft Reports
On July 15, ISDA shared comments with policymakers in the European Union on the European Parliament’s (EP) draft reports by Member of the European Parliament (MEP) Markus Ferber and MEP Eero Heinäluoma on the Market Integration and Supervision Package (MISP)....
Building Markets, Creating Opportunity
Deep and liquid derivatives markets are fundamental to the development of well-functioning financial markets and healthy economies. They support lending, investment and financial stability, creating the certainty needed for economic growth. But strong derivatives markets do not emerge by chance....
Key Trends in OTC Derivatives Market H2 2025
The latest data from the Bank for International Settlements over-the-counter (OTC) derivatives statistics shows an increase in notional outstanding of OTC derivatives during the second half of 2025 compared to the same period in 2024. Notional outstanding rose across all...