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.
Click on the attached PDF to read the full report.
Documents (1) for SwapsInfo Full Year 2025 and the Fourth Quarter of 2025 Review
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