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%.
Click on the 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 2025
Latest
US FX Derivatives Review
ISDA has expanded its SwapsInfo website to include data on US foreign exchange (FX) derivatives, extending the platform's coverage beyond interest rate and credit derivatives to a third over-the-counter derivatives asset class. The US FX Derivatives Review covers trading activity...
Response to FCA on Post-trade Transparency
On October 16, ISDA responded to the Financial Conduct Authority’s (FCA) consultation CP26/30. While the consultation is principally focused on cash equity market structure and transparency, ISDA responded to questions on the potential inclusion of equity swaps in the scope...
Efficiency is Vital to Delivering Resilience
With less than three months to go until implementation of US Treasury clearing begins at the end of this year, it’s critical that the mandate is safely implemented without compromising market efficiency. This represents a huge change in market structure,...
ISDA In Review – September 2026
A compendium of links to new documents, research papers, press releases and comment letters published by ISDA in September 2026.
