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
Key Trends in OTC Derivatives Market H2 2025
The latest data from the Bank for International Settlements over-the-counter (OTC) derivatives statistics shows an increase in notional outstanding of OTC derivatives during the second half of 2025 compared to the same period in 2024. Notional outstanding rose across all...
ISDA-SIFMA letter to SEC on Swap Dealer Thresholds
ISDA and SIFMA have submitted a comment letter to the SEC in response to the staff report on the definitions of “security-based swap dealer” and “major security-based swap participant.” The associations recommend maintaining the current de minimis thresholds for both...
ISDA responds to RBI consultation on SA-CCR
On July 1, ISDA responded to the Reserve Bank of India's (RBI) consultation on draft amendment directions on the standardized approach for counterparty credit risk (SA-CCR). ISDA broadly welcomes the RBI's move to SA-CCR and updated capital treatment for exposures...
Data Subject Access Request Form
Pursuant to its mission to promote safe and efficient markets within the over-the-counter (OTC) derivatives industry, The International Swaps and Derivatives Association, Inc. (ISDA) processes personal data of its employees, members and non-members (for example individuals attending ISDA conferences or...