ISDA Adds FX to US Derivatives Report
Posted by Colin Lambert. Last updated: October 25, 2026
ISDA has expanded its SwapsInfo website to include data on US FX derivatives, extending the platform’s coverage beyond interest rate and credit derivatives to a third OTC derivatives asset class.
The association’s first review covers trading activity from the first quarter of 2024 to the second quarter of 2026, based upon transactions publicly reported to the Depository Trust & Clearing Corporation (DTCC) swap data repository (SDR) under US Commodity Futures Trading Commission (CFTC) regulations. It shows that traded notional rose 27.1% to $19.4 trillion in the second quarter of 2026 from $15.3 trillion in the first quarter of 2024.
The rise was largely driven by NDFs, something that has been noticeable in the semi-annual FX committee turnover reports in recent years. According to ISDA, NDF notional grew 37.1% to $10.2 trillion, lifting the product’s share of FX derivatives notional to 52.7% from 48.9%. Forwards, which comprise NDFs and deliverable forwards, increased by 28.3% to $10.9 trillion in the second quarter of 2026 from $8.5 trillion in the first quarter of 2024. Traded notional in options rose by 26.3% to $7.4 trillion from $5.8 trillion and swap notional grew by 19.0% to $1.0 trillion from $0.9 trillion.
Unsurprisingly, EUR/USD was the largest currency pair by traded notional, climbing by 59.4% to $2.4 trillion in the second quarter of 2026 from $1.5 trillion in the first quarter of 2024. Its share of total notional increased to 12.6% from 10.1% over the same period.
Emerging market pairs posted broad growth from the first quarter of 2024 to the second quarter of 2026, led by USD/KRW, which rose by 73.6%. USD/COP grew by 63.3%, USD/IDR increased by 60.2%, USD/BRL rose by 55.4% and USD/CLP climbed by 20.7% over the same period. USD/KRW traded notional grew faster than any other currency pair, increasing by 73.6% to $2.1 trillion in the second quarter of 2026 from $1.2 trillion in the first quarter of 2024. This growth coincided with South Korea’s phased shift to near-24-hour onshore won trading and a period of pronounced won weakness, ISDA observes.
