SwapsInfo First Half of 2026 and the Second Quarter of 2026 Review

Trading activity in interest rate derivatives (IRD) and credit derivatives increased in the first half of 2026 compared with the same period in 2025. Growth in IRD was driven by overnight index swaps (OIS), while higher index credit derivatives activity was led by particularly strong growth in CDX IG. Security-based credit derivatives activity was broadly flat, as a decline in corporate single-name credit default swaps (CDS) offset growth in sovereign single-name CDS.

Key highlights for the first half of 2026 include:

  • IRD traded notional climbed by 27.3% year-on-year to $318.5 trillion from $250.2 trillion in the first half of 2025. Trade count grew by 24.1% to 2.1 million from 1.6 million over the same period.
  • Index credit derivatives traded notional increased by 18.5% to $12.5 trillion in the first half of 2026 from $10.6 trillion in the first half of 2025. Trade count grew by 7.8% to 215.5 thousand from 199.8 thousand over the same period.
  • Security-based credit derivatives traded notional was $375.7 billion in the first half of 2026, 0.9% higher compared to the first half of 2025. Trade count fell by 3.0% to 103.5 thousand from 106.7 thousand over the same period.

Click on the attached PDF to read the full report.

Documents (1) for SwapsInfo First Half of 2026 and the Second Quarter of 2026 Review

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