The latest data from the Bank for International Settlements (BIS) over-the-counter (OTC) derivatives statistics shows a modest increase in notional outstanding of OTC derivatives during the first half of 2024 compared to the same period in 2023. While interest rate derivatives (IRD) notional outstanding remained relatively flat year-over-year, foreign exchange (FX), equity and commodity derivatives notional outstanding rose.
The gross market value of IRD derivatives declined amid a shift in central bank interest rate policy. Gross credit exposure also fell during the period.
By mid-year 2024, the notional outstanding of global OTC derivatives rose by 2.4% compared to mid-year 2023. In contrast, OTC derivatives gross market value fell by 14.0% and gross credit exposure, representing gross market value after netting, declined by 20.2%.
Total mark-to-market exposure dropped by 83.5% due to close-out netting. Credit exposure was further reduced by the collateral market participants posted for cleared and non-cleared derivatives.
Market participants posted $364.4 billion of required initial margin (IM) for cleared IRD and credit default swap (CDS) transactions at all major central counterparties (CCPs) at mid-year 2024 compared to $389.0 billion at mid-year 2023.
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 2024
Latest
Joint Response on RBA Consultation
On August 11, ISDA and FIA submitted a joint response to the Reserve Bank of Australia (RBA) on its consultation on guidance for Australia’s clearing and settlement facility resolution regime. The associations welcome publication of the draft guidance, which provides...
SwapsInfo H1 2025 and Q2 2025
Interest rate derivatives (IRD) trading activity increased in the first half of 2025, driven by continued interest rate volatility, evolving central bank policy expectations and persistent macroeconomic uncertainty. Trading in index credit derivatives also rose, as market participants responded to...
ISDA Response to IFSCA Consultation
On August 5, ISDA responded to the International Financial Services Centres Authority’s (IFSCA) consultation on reporting and clearing of over-the-counter (OTC) derivatives contracts booked in International Financial Services Centres (IFSC). In the response, ISDA provided the following recommendations: Not mandating...
ISDA Response to BIS on Tokenization
On July 30, ISDA submitted a response to a Bank for International Settlements (BIS) consultation on leveraging tokenization for payments and financial transactions. In the response, ISDA focused on the legal, regulatory and documentation issues relevant to the derivatives market,...