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. The summary was published on January 15, 2019.
Key highlights for the full year 2018 include:
- IRD traded notional rose by 21.9% to $236.4 trillion from $193.9 trillion in the full year 2017. Trade count grew by 13.5% over the same period. Single currency fixed-for-floating interest rate swaps (IRS) traded notional increased by 25.0%, while forward rate agreements (FRAs) and overnight index swaps (OIS) traded notional grew by 20.8% and 12.7%, respectively, in the full year 2018 compared with the full year 2017.
- Cleared IRD transactions represented 88.1% of total traded notional, compared with 87.6% in the full year 2017. About 96% of fixed-for-floating IRS, 99% of FRA, 97% of OIS, and 31% of other IRD traded notional was cleared in 2018.
- SEF-traded swaps represented 55.8% of total traded notional, compared with 54.9% in the full year 2017. About 58% of fixed-for-floating IRS, 79% of FRA, 31% of OIS and 37% of other IRD traded notional was executed on SEFs in 2018.
- Credit derivatives traded notional increased by 39.2% to $9.5 trillion from $6.8 trillion in the full year 2017. Trade count grew by 30.3% over the same period. There was more trading activity across all major indices, including CDX HY, CDX IG and iTraxx Europe. CDX HY traded notional increased by 51%, while CDX IG traded notional rose by 52.2% in the full year 2018 compared with the full year 2017. iTraxx Europe traded notional increased by 27.9% over the same period.
- Cleared transactions represented 82.8% of total traded notional, compared with 79.8% in the full year 2017. About 98% of CDX HY, 98% of CDX IG, 97% of iTraxx Europe and 49% of other credit derivatives traded notional was cleared.
- SEF-traded credit derivatives represented 78.8% of total traded notional, compared with 74.9% in the full year 2017. About 97% of CDX HY, 97% of CDX IG, 94% of iTraxx Europe and 40% 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 Full Year 2018 and Fourth Quarter of 2018 Review
Latest
S&P Global Selected as DC Administrator
ISDA and the Credit Derivatives Governance Committee have announced that S&P Global Market Intelligence has been selected as the administrator for the Credit Derivatives Determinations Committees (DCs). The announcement follows an invitation to tender in November 2025. The DC administrator...
Supporting ISDA SIMM Adoption in Australia
Derivatives have become a critical tool for Australia’s massive superannuation sector, as funds look to manage the risks associated with their expanding offshore investments. The use of derivatives brings real risk management benefits, but it also means funds need to...
ISDA, GDF Respond to the Central Bank of Ireland on DLT and Tokenization
On June 3, ISDA and Global Digital Finance responded to the Central Bank of Ireland’s discussion paper on distributed ledger technology (DLT) and tokenization in financial services. The response focuses on the potential role of DLT and tokenization within wholesale...
Response to Consultation on Dividend Stripping
On May 28, ISDA and the Association for Financial Markets in Europe (AFME) responded to the Dutch Ministry of Finance’s consultation on additional anti-dividend stripping measures, urging that the proposed rules should target only abusive arrangements and not ordinary, commercially...