Key Trends in the Size and Composition of OTC Derivatives Markets in the First Half of 2024

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

Trade Bodies Seek Delay on Third-Country CCP Rules

On October 21, ISDA and nine other trade associations – the Alternative Investment Management Association, the European Association of Co-operative Banks, the European Association of Corporate Treasurers, the European Banking Federation, the European Fund and Asset Management Association, the European...

ISDA and Tokenovate Launch CDM Taskforce

ISDA and Tokenovate have today announced the establishment of a new taskforce within the Fintech Open Source Foundation (FINOS) to accelerate operationalization of the Common Domain Model (CDM). The initiative responds to growing market demand for standardized, interoperable post-trade processing...

ISDA Trading Forum Sydney: CEO Remarks

ISDA Derivatives Trading Forum Sydney October 21, 2025 Opening Remarks Scott O’Malia ISDA Chief Executive Officer   Good morning, and welcome to the Derivatives Trading Forum. It’s great to be back in Sydney following our last trip back in August....

ISDA Trading Forum Tokyo: CEO Remarks

ISDA Derivatives Trading Forum Tokyo October 17, 2025 Opening Remarks Scott O’Malia ISDA Chief Executive Officer   Good afternoon, and welcome to the ISDA Derivatives Trading Forum. It’s great to be back in Tokyo, and I’d like to begin by...