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Global OTC derivatives market
In billions of US dollars
«  H2 2019 › »
Notional amounts outstanding Gross market value
H1 2018 H2 2018 H1 2019 H2 2019 H1 2018 H2 2018 H1 2019 H2 2019
Commodity contracts2,1331,9032,1142,124207220198197
By commodity
Gold56851875773423213130
Other precious metal7065731014445
Other commodities1,4951,3201,2851,289180195163162
By instrument & commodity
Forwards and swaps1,6271,4551,5061,520
Gold419381495512
Other precious metal54485281
Other commodities1,1531,026958927
Total options506449609604
Gold149137262222
Other precious metal15172020
Other commodities342294326362
Options sold (gross basis)313287419362
Gold8781180136
Other precious metal9101110
Other commodities218197228215
Options bought (gross basis)305261326377
Gold9586141136
Other precious metal10121414
Other commodities200163171227
Credit derivatives8,5818,3728,4188,119238191235222
Credit default swaps8,3458,1417,8097,578232187214199
By instrument
Single-name instruments4,1453,9523,5793,48011810510199
Multi-name instruments4,2004,1884,2294,09811582112101
Index products4,0073,9003,8883,803
By counterparty
Reporting dealers1,9991,8091,5711,42457524944
Other financial institutions6,1106,0625,9335,873171129156148
Central counterparties4,5194,4454,2174,239118759693
Banks and security firms4064004093871181212
Insurance firms1251271111165565
SPVs, SPCs and SPEs564846493222
Hedge funds38138337132917181615
Other financial customers62465877875318202421
Non-financial customers2362713052815687
By rating category
Investment grade5,3215,1364,5294,436
Non-investment grade1,8571,3771,6101,631
Non-rated1,0771,5451,4201,293
By maturity
Up to 1 year1,4041,4741,7811,387
Between 1 and 5 years6,0765,8245,0155,286
Over 5 years775760762687
By sector
Sovereigns1,4581,3681,2651,228
Financial firms1,4331,4811,6031,638
Non-financial firms2,1042,0102,1812,156
Securitised products382300278208
Multiple sectors2,9162,9342,2702,164
By location of counterparty
Home country2,0632,1281,8691,843
Abroad6,1925,9305,6905,517
United States1,7371,5391,5521,612
European developed countries3,7013,6783,3223,187
Japan75726966
Other Asian countries78787069
Latin America327314374323
All other countries273249303260
Other derivatives1641992532469221415
Gross credit exposure2,5702,2742,6622,360