CDS trading hits record $41.8 trillion in 2025 - ISDA

30th July, 2026

Aravind Bulusu
Trading,gig

A research study by International Swaps and Derivatives Association (ISDA) showed that trading in credit default swaps (CDS) reached a record $41.8 trillion in 2025 compared to the previous peak of $38.7 trillion in 2022, driven by Index CDS which accounted for 93.3% of the market in 2025.

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ABN AMRO
Bank of America
CBOE
Citi
Goldman Sachs
DRW Holdings
HSBC
J.P Morgan
Marex
Morgan Stanley
SGX
SocGen
Susquehanna
MUFG Investor Services
TP ICAP

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