The latest data from the Bank for International Settlements over-the-counter (OTC) derivatives statistics shows a significant increase in gross market value and gross credit exposure of OTC derivatives during the first half of 2022 compared to the first half of 2021. The increase in market value was driven by elevated global uncertainty and market volatility related to higher-than-expected inflation and the war in Ukraine.
The gross market value of OTC derivatives contracts increased by 45.4% at mid-year 2022 compared to mid-year 2021. Gross credit exposure – gross market value after netting – rose by 21.5%. At the same time, global OTC derivatives notional outstanding increased modestly by 3.6% at mid-year 2022 compared to mid-year 2021.
Market participants reduced their mark-to-market exposure by 82.0% at mid-year 2022 due to close-out netting. This credit exposure was further reduced by the collateral that market participants posted for cleared and non-cleared derivatives transactions.
Firms posted $359.7 billion of initial margin for cleared interest rate derivatives and single-name and index credit default swaps at all major central counterparties at mid-year 2022.
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 First Half of 2022
Latest
ISDA & EMTA Publish New FX Definitions
ISDA and EMTA, Inc., the trade association for emerging markets, have jointly published a revised set of standard definitions for foreign exchange (FX) derivatives transactions, which update key market practices and consolidate various FX and FX-related product templates and provisions...
ISDA Position Paper on SFDR Review
On February 27, ISDA and the Association for Financial Markets in Europe (AFME) published a position paper on the European Commission’s (EC) proposed revisions to the Sustainable Finance Disclosure Regulation (SFDR 2.0). The paper welcomes the EC’s proposal as a...
ISDA Response to HKMA SFC Consultation on Clearing Rules
On February 27, ISDA responded to a joint consultation by the Hong Kong Monetary Authority (HKMA) and the Securities Futures Commission (SFC) on proposed amendments to schedule 2 of the clearing rules for over-the-counter (OTC) derivatives. The proposed amendments introduce...
ISDA/ASIFMA Request Clarifications on RBI IRD Master Directions
On February 11, 2026, ISDA and ASIFMA submitted a joint letter to the Reserve Bank of India (RBI) requesting clarifications on Master Direction – RBI (Rupee Interest Rate Derivatives) Directions, 2025 (FMRD.DIRD.No.06/14.03.046/2025-26) related to reporting data of IRD transactions entered...