This report analyzes credit derivatives trading activity reported in Europe. The analysis shows European credit derivatives transactions based on the location of reporting venues (EU versus UK) and product type. The report also compares European-reported credit derivatives trading activity to what is reported in the US.
Key highlights of the second quarter of 2025 include:
- European credit default swap (CDS) traded notional rose by 55.4% to $2.5 trillion in the second quarter of 2025 compared to $1.6 trillion in the second quarter of 2024. 79.7% of European CDS traded notional was reported in the UK, with the EU accounting for 20.3%. Index CDS comprised 89.7% of CDS traded notional in Europe and single-name CDS accounted for 10.3%.
- European index CDS traded notional grew by 60.0% to $2.2 trillion from $1.4 trillion, with the UK accounting for 77.5% and the EU representing 22.5%.
- European single-name CDS rose by 23.7% to $254.3 billion from $205.7 billion. The UK represented the majority of single-name CDS trading in Europe, comprising 98.7% of traded notional, while the EU made up 1.3%.
- US-reported CDS traded notional increased by 85.3% to $5.4 trillion from $2.9 trillion. Combined European and US traded notional grew by 74.7% to $7.9 trillion from $4.5 trillion.
- UK-reported trades accounted for 25.0% of combined EU, UK and US CDS traded notional, the EU made up 6.4% and US-reported trades comprised 68.6%. Index CDS trading was concentrated in the US (70.2%), followed by the UK (23.1%) and the EU (6.7%), while single-name CDS activity was heavily concentrated in the UK (59.5%) and US (39.7%), with the EU representing 0.8%.
Click on the attached PDF to read the full report.
Documents (1) for Credit Derivatives Trading Activity Reported in EU, UK and US Markets: First Half of 2025 and Second Quarter of 2025
Latest
Response to MAS on Treatment of Crypto Assets
On May 15, ISDA and the Asia Securities Industry and Financial Markets Association submitted a joint response to the Monetary Authority of Singapore’s (MAS) consultation, published in April 2026, on the prudential treatment of crypto assets on permissionless blockchains, welcoming MAS’s more...
Joint Response to EC on Market Risk Delegated Act
ISDA and the Association for Financial Markets in Europe (AFME) have responded to the European Commission’s (EC) consultation on the draft legal text of the upcoming market risk delegated act. The associations welcome the ongoing efforts to address the implementation...
ISDA/ASIFMA/GFXD Letter to RBI on INR-Denominated FX Derivatives Reporting
On March 9, 2026, ISDA, ASIFMA, and GFXD submitted a joint letter to the Reserve Bank of India (RBI) in response to the RBI’s Reporting Instructions for Authorised Dealer (AD) Category – I Banks draft directions to mandate the reporting...
IRD Trading Activity FY 2025 and Q4 2025
This report analyzes interest rate derivatives (IRD) trading activity reported in Europe. The analysis is based on transactions publicly reported by 30 European approved publication arrangements (APAs) and trading venues (TVs). Key highlights for the full year 2025 include: European...