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Global OTC derivatives market
In billions of US dollars
«  H1 2021 › »
Notional amounts outstanding Gross market value
H2 2019 H1 2020 H2 2020 H1 2021 H2 2019 H1 2020 H2 2020 H1 2021
Commodity contracts2,1292,0992,0512,453197260216300
By commodity
Gold73486783497830483325
Other precious metal10182951165687
Other commodities1,2941,1501,1221,359162206174268
By instrument & commodity
Forwards and swaps1,5201,4941,4521,586
Gold512572530487
Other precious metal81596484
Other commodities9278638581,015
Total options610605598867
Gold222295303491
Other precious metal20233132
Other commodities367287264344
Options sold (gross basis)366365404554
Gold136177220317
Other precious metal10121817
Other commodities220176166221
Options bought (gross basis)379376328506
Gold136184151284
Other precious metal14162022
Other commodities230176157200
Credit derivatives8,1199,0508,6499,121222200219220
Credit default swaps7,5788,8098,3598,813199185202205
By instrument
Single-name instruments3,4803,6173,4843,44599927771
Multi-name instruments4,0985,1924,8765,36810193125134
Index products3,8034,8064,5294,335
By counterparty
Reporting dealers1,4241,4461,2611,11244483833
Other financial institutions5,8737,0526,7987,458148129156166
Central counterparties4,2395,2955,2225,615936795101
Banks and security firms38753941263412141422
Insurance firms1161101091125686
SPVs, SPCs and SPEs495063752333
Hedge funds32929727740615171415
Other financial customers75376271561621232120
Non-financial customers2813113012437786
By rating category
Investment grade4,4364,7844,7184,769
Non-investment grade1,6311,8951,7411,879
Non-rated1,2931,8931,6731,927
By maturity
Up to 1 year1,3871,4281,2181,178
Between 1 and 5 years5,2866,3966,2056,673
Over 5 years687749710723
By sector
Sovereigns1,2281,2501,1401,109
Financial firms1,6381,6611,6271,822
Non-financial firms2,1562,3872,3042,325
Securitised products208307292953
Multiple sectors2,1643,0052,8042,402
By location of counterparty
Home country1,8432,1101,9782,136
Abroad5,5176,4626,1546,438
United States1,6121,8541,8161,981
European developed countries3,1873,8433,6683,848
Japan66767584
Other Asian countries69847672
Latin America323311277245
All other countries260295242209
Other derivatives24626222734715161315
Gross credit exposure2,3603,2043,3662,713