CFTC Weekly Swaps Report: credit swaps gross notional $7.40 trillion as of 2026-09-18

What happened

• As of 2026-09-18, CFTC-reported credit gross notional outstanding was $7.40 trillion (−$142.3 billion week on week).
• Cleared: $5.19 trillion. Uncleared: $2.21 trillion.

From: CFTC Weekly Swaps Report, tables 'Gross Notional Outstanding by Cleared Status' and 'Gross Notional Outstanding – Credit'. Source: CFTC Weekly Swaps Report.

CDS relevance

• Gross notional measures the size of open positions reported to US swap data repositories, not risk or net exposure; it includes index, tranche, single-name and other credit products.
• It is not a spread or price, and a change is not a gain or loss for anyone.

What to watch next

• The next weekly release.
• Whether the cleared share keeps moving — clearing changes how default losses are mutualised.

General information about how CDS documentation treats this kind of event, not legal or investment advice, and not a statement that a Credit Event has occurred.