The ISDA SwapsInfo Review provides analysis of interest rate derivatives (IRD) and credit derivatives trading activity. The report provides a breakdown of cleared, non-cleared, swap execution facility (SEF) and off-SEF traded notional and trade count, as well as product taxonomy and currency information.
Key highlights for the first half of 2019 include:
- IRD traded notional increased by 9.8% to $138.0 trillion from $125.7 trillion in the first half of 2018. Trade count grew by 6.7% over the same period. Single currency fixed-for-floating interest rate swaps (IRS) traded notional increased by 2.4%, while forward rate agreements (FRAs) and overnight index swaps (OIS) traded notional grew by 19.3% and 16.0%, respectively, in the first half of 2019 compared with the first half of 2018.
- Cleared IRD transactions represented 88.9% of total traded notional, compared with 88.1% in the first half of 2018. About 96% of fixed-for-floating IRS, 100% of FRA, 95% of OIS, and 25% of other IRD traded notional was cleared in the first half of 2019.
- SEF-traded swaps represented 58.8% of total traded notional, compared with 56.3% in the first half of 2018. About 59% of fixed-for-floating IRS, 82% of FRA, 32% of OIS and 37% of other IRD traded notional was executed on SEFs in the first half of 2019.
- Credit derivatives traded notional decreased by 11.7% to $4.4 trillion from $4.9 trillion in the first half of 2018. Trade count fell by 5.1% over the same period. CDX HY traded notional declined by 8.6% to $719.5 billion from $786.8 billion in the first half of 2018, and CDX IG traded notional decreased by 2.2% over the same period to $1.6 trillion from $1.7 trillion. iTraxx Europe traded notional decreased by 13.0% to $843.4 billion in the first half of 2019 from $969.7 billion in the first half of 2018.
- Cleared transactions represented 80.6% of total traded notional, compared with 83.4% in the first half of 2018. About 98% of CDX HY, 99% of CDX IG, 95% of iTraxx Europe and 35% of other credit derivatives traded notional was cleared.
- SEF-traded credit derivatives represented 77.0% of total traded notional, compared with 79.3% in the first half of 2018. About 97% of CDX HY, 98% of CDX IG, 91% of iTraxx Europe and 25% of other credit derivatives traded notional was executed on SEFs.
Click on the attached PDFs to read the summary and/or full report.
Documents (2) for SwapsInfo First Half of 2019 and Second Quarter of 2019 Review
Latest
ISDA In Review – August 2026
A compendium of links to new documents, research papers, press releases and comment letters published by ISDA in August 2026.
Remove Bureaucracy from Cross-margin Approvals
Cross-margining programs play a critical role in financial markets. By ensuring margin requirements more closely reflect the actual risk of a portfolio of products, they reduce liquidity strain and improve market efficiency, both of which will become even more important...
Joint Response on CCP Resolution
On September 7, ISDA and FIA responded to a Bank of England (BOE) discussion paper on central counterparty (CCP) resolution. The associations support greater clarity on valuation capabilities prior to a crisis scenario and the boundary between recovery and resolution,...
Expanding Legal Agreement Coverage in the CDM
This paper examines the recent extension of the Common Domain Model (CDM)1 to represent two of the most significant, and previously undeveloped, areas of its legal agreement model: umbrella agreements and contract amendments. Umbrella agreements are widely used to document...