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.
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Documents (1) for SwapsInfo First Quarter of 2026 Review
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