Trading activity in interest rate derivatives (IRD) and credit derivatives increased in 2025, reflecting shifting monetary policy expectations and broader market conditions. IRD traded notional rose by about 46% year-on-year, led by an increase in overnight index swaps (OIS). Index credit derivatives traded notional grew by more than 50%, with particularly strong growth in CDX IG.

Key highlights for the full year of 2025, include:

• IRD traded notional grew by 46.1% to $536.5 trillion in 2025 from $367.1 trillion in 2024. Trade count rose by 22.9% to 3.3 million from 2.7 million over the same period.
• 71.5% of IRD traded notional had a tenor up to and including one year, 19.3% had a tenor between one and five years and 9.1% had a tenor over five years.
• Cleared IRD transactions comprised 86.6% of total IRD traded notional and 87.1% of trade count. 95.1% of fixed-for-floating interest rate swaps, 91.5% of forward rate agreement (FRA), 94.6% of OIS and 12.7% of other IRD traded notional was cleared.
• Swap execution facility (SEF)-traded IRD accounted for 54.1% of total traded notional and 77.3% of trade count. 47.3% of fixed-for-floating IRS, 88.7% of FRA, 56.5% of OIS and 32.6% of other IRD traded notional was executed on SEFs.
• Index credit derivatives traded notional grew by 52.9% to $19.4 trillion in 2025 from $12.7 trillion in 2024. Trade count rose by 11.6% to 353.3 thousand from 316.4 thousand over the same period.
• Security-based credit derivatives traded notional grew by 2.7% to $692.6 billion in 2025 from $674.6 billion in 2024. Trade count fell by 5.8% to 198.6 thousand from 210.9 thousand over the same period.

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