The latest data from the Bank for International Settlements (BIS) over-the-counter (OTC) derivatives statistics shows an increase in notional outstanding of OTC derivatives during the first half of 2025 compared to the first half of 2024. Notional outstanding rose across all major asset classes, including interest rate derivatives (IRD), foreign exchange (FX), equity and commodity derivatives.
Heightened uncertainty about trade, monetary policy outlook and geopolitical developments supported increased hedging activity, contributing to higher notional outstanding across major derivatives asset classes. After declining in 2023 and 2024, gross market value and gross credit exposure also increased in the first half of 2025.
Global OTC derivatives notional outstanding grew by 15.9% in the first six months of 2025 compared to the same period in 2024. Gross market value increased by 29.5%, while gross credit exposure, which represents gross market value after netting, rose by 5.1%.
Close-out netting continued to significantly reduce mark-to-market exposures, lowering total exposure by 86.4% at mid-year 2025. Credit exposure was further mitigated through collateral posted for both cleared and non-cleared transactions.
Initial margin (IM) posted for cleared IRD and credit default swaps (CDS) at major central counterparties (CCPs) reached $430.4 billion at mid-year 2025 compared to $364.4 billion a year earlier.
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 2025
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...
