Could a futures market finally be taking hold in the credit market? A futures market for credit has been on the wish list of market participants for decades. The creation of a robust futures market would offer credit investors the same benefits market participants have come to love in futures tracking other asset classes like equities and interest rates.

While attempts to establish a credit futures market a decade ago were not successful, a series of regulatory rulings, the boom in credit ETFs, the growth of quantitative credit trading and other market developments have created fertile ground for this market to finally take root.

“With industry awareness of these products high, market-wide open interest of U.S. contracts approaching $2.5 billion, and positive reviews from early adopters, growth of credit futures in the months ahead seems inevitable,” says Kevin McPartland, Head of Research at Crisil Coalition Greenwich Market Structure & Technology and author of The future of credit futures. 

Finally Gaining Traction

History has proven that widespread adoption of new futures contracts can take time. Futures contracts tracking everything from oil to volatility to the equity market have been launched into a skeptical market, only to become a mainstay five or even 10 years later.

Approximately 85% of the U.S., U.K. and European credit investors taking part in a June 2025 study by Crisil Coalition Greenwich are aware of credit futures. Study participants cited a variety of beneficial uses for credit futures within investment portfolios, including tactical asset allocation and overlay management. Futures offer an efficient way to quickly adjust overall exposure to the credit market, hedge existing positions or implement views on credit spreads.

“Although interest and awareness are high, educating trading desks about how credit futures work and how they can benefit traders and portfolios will be critical to speeding growth,” says Kevin McPartland.

The future of credit futures, based on interviews with 41 credit investors in the US, UK, and Europe, traces the evolution of the credit futures market, analyzes the potential benefits that futures bring to credit investors and identifies potential use cases going forward. It also examines the primary roadblocks to adoption and projects the future trajectory for this important and growing market.

Source: Crisil Coalition Greenwich