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 major asset classes, including interest rate derivatives (IRD), foreign exchange, equity and commodity derivatives.
Heightened uncertainty on trade, monetary policy and geopolitical outlook supported increased hedging activity, contributing to the expansion in notional outstanding. After declining in 2023 and 2024, gross market value and gross credit exposure also rose in 2025.
Global OTC derivatives notional outstanding rose by 20.7% at the end of 2025 versus the previous year. Gross market value increased by 29.5%, while gross credit exposure, which represents gross market value after netting, rose by 13.2%.
Close-out netting continued to significantly reduce mark-to-market exposures, lowering total exposure by 85.3% at year-end 2025. Credit exposure was further mitigated by collateral posted for both cleared and non-cleared transactions.
Initial margin (IM) posted for cleared IRD and credit default swaps at major central counterparties reached $423.5 billion at year-end 2025 compared to $389.8 billion the previous year. The leading derivatives market participants also collected $1.6 trillion of IM and variation margin for non-cleared derivatives exposures, up by 9.3%.
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Documents (1) for Key Trends in the Size and Composition of OTC Derivatives Markets in the Second Half of 2025
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