Top derivatives dealers earn $16.6bn as CDS revenue remains concentrated - report

5th November, 2026

Zak Jakubowski

The world's 12 largest investment banks generated $16.6 billion (£12.3 billion) in interest-rate derivatives and credit default swap revenue in 2025, according to London-based data and analytics provider Crisil Coalition Greenwich, with the three largest dealers accounting for 62% of CDS revenue despite growing competition from non-bank liquidity providers.

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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
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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