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Global OTC derivatives market
In billions of US dollars
«  H1 2018 › »
Notional amounts outstanding Gross market value
H2 2016 H1 2017 H2 2017 H1 2018 H2 2016 H1 2017 H2 2017 H1 2018
Commodity contracts1,6711,7621,8622,133204171189207
By commodity
Gold49553552056834232123
Other precious metal597553705434
Other commodities1,1171,1521,2881,495166144164180
By instrument & commodity
Forwards and swaps1,2491,3521,4141,627
Gold351395381419
Other precious metal40584054
Other commodities8599009931,153
Total options422410447506
Gold145141139149
Other precious metal19171415
Other commodities259253294342
Options sold (gross basis)257254275313
Gold88838587
Other precious metal121189
Other commodities157160182218
Options bought (gross basis)259248272305
Gold89898595
Other precious metal1110910
Other commodities159149178200
Credit derivatives10,1039,9679,5788,582301307313238
Credit default swaps9,9319,7279,3548,346295300304232
By instrument
Single-name instruments5,6355,1014,5704,148168152130118
Multi-name instruments4,2954,6264,7844,199127148174115
Index products3,8404,2294,4424,004
By counterparty
Reporting dealers3,7602,9712,3211,998114896857
Other financial institutions6,0186,5976,8176,112175206227171
Central counterparties4,3394,9125,1364,519110142164118
Banks and security firms45242648740813121411
Insurance firms1651431241257665
SPVs, SPCs and SPEs969076565443
Hedge funds44043537538123211917
Other financial customers52559061862418202118
Non-financial customers1531592162365695
By rating category
Investment grade6,4676,2606,0085,321
Non-investment grade2,0262,1562,0491,858
Non-rated1,3641,2291,2161,078
By maturity
Up to 1 year2,6722,5131,8821,404
Between 1 and 5 years6,4556,4046,6296,077
Over 5 years731727763775
By sector
Sovereigns1,7461,6731,5301,458
Financial firms1,8041,6741,5441,435
Non-financial firms3,1812,6602,4062,104
Securitised products305293371382
Multiple sectors2,8523,3803,4562,915
By location of counterparty
Home country2,5172,3802,2222,064
Abroad7,3407,2657,0516,192
United States2,1662,2052,1871,737
European developed countries4,3724,2784,1313,701
Japan100957975
Other Asian countries83817578
Latin America344323313327
All other countries276282267273
Other derivatives1001121371646989
Gross credit exposure3,2962,7702,6832,570