The latest data from the Bank for International Settlements over-the-counter (OTC) derivatives statistics shows that OTC derivatives notional outstanding at year-end 2019 increased by 2.6% compared with year-end 2018 and decreased by 12.8% compared with mid-year 2019. Some of this change reflects a seasonal pattern, in which notional outstanding tends to increase in the first six months of the year and decrease in the second half.
The gross market value of OTC derivatives contracts was 20.0% higher than year-end 2018 and 3.8% lower versus mid-year 2019. Gross credit exposure – gross market value after netting – also increased compared to year-end 2018 and decreased versus mid-year 2019. Market participants reduced their mark-to-market exposure by about 79.7% at year-end 2019 as a result of close-out netting. Credit exposure is further reduced by the collateral that market participants post for cleared and non-cleared transactions.
At year-end 2019, market participants posted $269.1 billion of initial margin (IM) for cleared interest rate derivatives (IRD) and credit default swaps (CDS) contracts (including single-name and index CDS) at all major central counterparties. The 20 largest market participants (phase-one firms) collected approximately $173.2 billion of IM for their non-cleared derivatives transactions at year-end 2019.
Click on the attached PDF to read the full report.
Documents (1) for Key Trends in the Size and Composition of OTC Derivatives Markets in the Second Half of 2019
Latest
U.S. Federal Holidays on December 24 and 26, 2025
Pursuant to an Executive Order of the President of the United States, December 24 and December 26 have been designated as federal holidays for U.S. federal government purposes. The designation of such dates as U.S. federal holidays is not expected to affect...
ISDA Publishes SPS Matrix Version 1.02
On December 19, 2025, ISDA published an updated version (v1.02) of the ISDA Digital Asset Derivative Definitions Settlement Price Source Matrix (‘SPS Matrix”). The SPS Matrix contains a list of Settlement Price Sources (SPSs) and related terms that parties can...
From Milestone to Modernization
We’re coming to the end of an exceptionally busy year at ISDA, in which we celebrated our 40th anniversary and doubled down on our enduring commitment to safe and efficient derivatives markets. Reflecting on ISDA’s achievements since 1985, it’s clear...
Response on ASIC Derivative Transaction Rules
On December 3, ISDA submitted a response to the Australian Securities and Investments Commission (ASIC) consultation on the remake of the ASIC Derivative Transaction Rules (Clearing) 2015, which are due to sunset on April 1, 2026. ASIC proposed to remake...