The latest ISDA SwapsInfo Quarterly Review shows that interest rate derivatives (IRD) traded notional and trade count increased in the first half of 2023 compared to the first half of 2022, while index credit derivatives trading activity declined over the same period.

Key highlights for the first half of 2023 include:

• Total IRD traded notional rose by 16.8% to $181.6 trillion in the first half of 2023 from $155.5 trillion in the first half of 2022. Trade count increased by 18.2% to 1.4 million from 1.1 million over the same period.
• Cleared IRD transactions comprised 77.6% of total IRD traded notional and 77.7% of total trade count.
• IRD traded on swap execution facilities (SEFs) made up 52.5% of total IRD traded notional and 65.8% of total trade count.
• Index credit derivatives traded notional decreased by 28.4% to $5.9 trillion in the first half of 2023 from $8.2 trillion in the first half of 2022. Trade count declined by 16.6% to 180.1 thousand from 215.9 thousand over the same period.
• Cleared index credit derivatives transactions accounted for 86.6% of total index credit derivatives traded notional and 90.1% of total trade count.
• SEF-traded index credit derivatives comprised 84.8% of total index credit derivatives traded notional and 88.8% of trade count.

Click on the attached PDFs to read the full summary and/or full report.