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 credit derivatives traded notional rose by 39.8%, driven by strong growth in CDX IG. Security-based credit derivatives traded notional was broadly flat, with a decline in corporate single-name credit default swaps (CDS) offsetting growth in sovereign single-name CDS.

Key highlights for the first quarter of 2026 include:

  • IRD traded notional rose by 38.1% year-on-year to $174.0 trillion from $126.0 trillion in the first quarter of 2025. Trade count grew by 36.8% to 1.1 million from 800.6 thousand over the same period.
  • In the first quarter of 2026, 69.9% of IRD traded notional had a tenor of one year or less, 20.6% had a tenor of between one and five years and 9.4% had a tenor of more than five years.
  • Index credit derivatives traded notional grew by 39.8% to $7.4 trillion in the first quarter of 2026 from $5.3 trillion in the first quarter of 2025. Trade count grew by 25.8% to 123.5 thousand from 98.2 thousand over the same period.
  • Security-based credit derivatives traded notional totaled $207.7 billion in the first quarter of 2026, 3.0% higher compared to the first quarter of 2025.Trade count fell by 0.8% to 55.9 thousand from 56.3 thousand over the same period.

Click on the attached PDF to read the full report.

Documents (1) for SwapsInfo First Quarter of 2026 Review

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