The International Swaps and Derivatives Association (ISDA) has expanded its SwapsInfo derivatives database to include European credit default swaps (CDS) trading activity, enhancing transparency in the EU, UK, and US derivatives markets.
The International Swaps and Derivatives Association (ISDA) has broadened its SwapsInfo platform to encompass European credit default swaps (CDS) trading data, aiming to provide a more comprehensive view of derivatives trading across the European Union (EU), United Kingdom (UK), and United States (US).
Olga Roman, head of research at ISDA, commented: “The addition of European CDS data means the SwapsInfo platform now provides a wide range of data and analytics on EU, UK, and US derivatives trading activity, bringing greater transparency to derivatives markets.”
This expansion incorporates traded notional and trade count data for both index and single-name CDS from the EU and UK, sourced from transactions publicly reported by 18 European-approved publication arrangements (APAs) and trading venues (TVs). This addition complements existing data on US index and single-name CDS, as well as European and US interest rate derivatives (IRD).
Analysis of the data between the second half of 2021 and the end of 2024 reveals that 70% to 80% of CDS traded notional in Europe was reported in the UK, with the EU accounting for 20% to 30%. Globally, the UK represented about 30% of total CDS trading, the EU comprised approximately 10%, and the US accounted for 50% to 60%. Notably, index CDS constituted over 90% of credit derivatives traded notional reported in Europe, while single-name CDS represented less than 10%.
The ISDA SwapsInfo website, established to enhance transparency in over the counter (OTC) derivatives markets, transforms publicly available data on OTC derivatives trading volumes and exposures into accessible information. It covers both the interest rate derivatives and credit default swaps markets.
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