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Global OTC derivatives market
In billions of US dollars
«  H2 2020 › »
Notional amounts outstanding Gross market value
H1 2019 H2 2019 H1 2020 H2 2020 H1 2019 H2 2019 H1 2020 H2 2020
Commodity contracts2,1142,1292,0992,051198197261216
By commodity
Gold75773486783431304833
Other precious metal7310182954568
Other commodities1,2851,2941,1501,122163162207174
By instrument & commodity
Forwards and swaps1,5061,5201,4941,452
Gold495512572530
Other precious metal52815964
Other commodities958927863858
Total options609610605598
Gold262222295303
Other precious metal20202331
Other commodities326367287264
Options sold (gross basis)419366365404
Gold180136177220
Other precious metal11101218
Other commodities228220176166
Options bought (gross basis)326379376328
Gold141136184151
Other precious metal14141620
Other commodities171230176157
Credit derivatives8,4188,1199,0508,649235222200219
Credit default swaps7,8097,5788,8098,359214199185202
By instrument
Single-name instruments3,5793,4803,6173,484101999277
Multi-name instruments4,2294,0985,1924,87611210193125
Index products3,8883,8034,8064,529
By counterparty
Reporting dealers1,5711,4241,4461,26149444838
Other financial institutions5,9335,8737,0526,798156148129156
Central counterparties4,2174,2395,2955,22296936795
Banks and security firms40938753941212121414
Insurance firms1111161101096568
SPVs, SPCs and SPEs464950632233
Hedge funds37132929727716151714
Other financial customers77875376271524212321
Non-financial customers3052813113018778
By rating category
Investment grade4,5294,4364,7844,718
Non-investment grade1,6101,6311,8951,741
Non-rated1,4201,2931,8931,673
By maturity
Up to 1 year1,7811,3871,4281,218
Between 1 and 5 years5,0155,2866,3966,205
Over 5 years762687749710
By sector
Sovereigns1,2651,2281,2501,140
Financial firms1,6031,6381,6611,627
Non-financial firms2,1812,1562,3872,304
Securitised products278208307292
Multiple sectors2,2702,1643,0052,804
By location of counterparty
Home country1,8691,8432,1101,978
Abroad5,6905,5176,4626,154
United States1,5521,6121,8541,816
European developed countries3,3223,1873,8433,668
Japan69667675
Other Asian countries70698476
Latin America374323311277
All other countries303260295242
Other derivatives25324626222714151613
Gross credit exposure2,6622,3603,2043,367