Global credit default swap (CDS) market activity reached a record $41.8 trillion in 2025, surpassing the previous peak of $38.7 trillion in 2022. Index CDS drove the increase, accounting for 93.3% of total activity and reaching a record $39.0 trillion.
The composition of CDS trading shifted over the period. Index-to-single-name activity rose to 15.7 times in 2022, fell to 8.5 times as a result of stress in the banking sector in 2023 and recovered to 13.8 times in 2025.
Index and single-name CDS activity responded differently to recent market events. During the 2020 pandemic and the 2025 US tariff shock, index CDS trading increased more than single-name CDS activity. By contrast, single-name CDS activity rose sharply following the failure of several banks including Silicon Valley Bank in 2023.
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Documents (1) for CDS Market Dynamics: Five Years of Activity and a Record 2025
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