The latest data from the Bank for International Settlements (BIS) over-the-counter (OTC) derivatives statistics shows a modest increase in notional outstanding during the second half of 2024 compared to the same period in 2023. Notional outstanding for interest rate, foreign exchange (FX), equity and commodity derivatives all rose year-on-year.
As major central banks shifted from a tightening to a more neutral or easing stance, interest rate volatility declined. This typically reduces the mark-to-market value of outstanding derivatives positions, leading to a drop in the gross market value of interest rate derivatives (IRD) compared to the prior tightening period. Similarly, gross credit exposure declined during this period.
By year-end 2024, the notional outstanding of global OTC derivatives rose by 4.9% compared to year-end 2023. In contrast, the gross market value of OTC derivatives contracts fell by 2.8%, while gross credit exposure, which represents the gross market value after netting, fell by 2.8% over the same period.
Total mark-to-market exposure dropped by 83.2% due to close-out netting. Credit exposure was further reduced by the collateral market participants posted for cleared and noncleared derivatives transactions.
Market participants posted $389.8 billion of required initial margin (IM) for cleared IRD and credit default swaps (CDS) transactions at all major central counterparties (CCPs) at the end of 2024 from $392.2 billion a year earlier. The leading derivatives market participants also collected $1.5 trillion of IM and variation margin (VM) for non-cleared derivatives exposures, up by 6.4%.
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 2024
Latest
ISDA Treasury Forum: Scott O'Malia Opening Remarks
ISDA Treasury Forum June 11, 2026 Opening Remarks Scott O’Malia, ISDA CEO Hello and welcome to the ISDA Treasury Forum. I’d like to start by thanking CME Group for working with us once again to make this event happen...
Launch of US Treasury Repo Market Indicators
ISDA has launched the ISDA-Actrix US Treasury Repo Market Clearing Indicators in collaboration with Actrix. The indicators illustrate central clearing adoption in the US Treasury repo market. Sponsored cleared repo volumes are used as a proxy to monitor client participation...
ISDA-Actrix US Treasury Clearing Indicators
This report provides indicators that illustrate central clearing adoption in the US Treasury repo market. Sponsored cleared repo volumes are used as a proxy to monitor client participation in central clearing, the key objective of the Securities and Exchange Commission's...
ISDA In Review – May 2026
A compendium of links to new documents, research papers, press releases and comment letters published by ISDA in May 2026.
