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Global OTC derivatives market
In billions of US dollars
«  H1 2019 › »
Notional amounts outstanding Gross market value
H2 2017 H1 2018 H2 2018 H1 2019 H2 2017 H1 2018 H2 2018 H1 2019
Commodity contracts1,8622,1331,9032,114189207220198
By commodity
Gold52056851875721232131
Other precious metal537065733444
Other commodities1,2881,4951,3201,285164180195163
By instrument & commodity
Forwards and swaps1,4141,6271,4551,506
Gold381419381495
Other precious metal40544852
Other commodities9931,1531,026958
Total options447506449609
Gold139149137262
Other precious metal14151720
Other commodities294342294326
Options sold (gross basis)275313287419
Gold858781180
Other precious metal891011
Other commodities182218197228
Options bought (gross basis)272305261326
Gold859586141
Other precious metal9101214
Other commodities178200163171
Credit derivatives9,5788,5818,3728,418313238191235
Credit default swaps9,3548,3458,1417,809304232187214
By instrument
Single-name instruments4,5704,1453,9523,579130118105101
Multi-name instruments4,7844,2004,1884,22917411582112
Index products4,4424,0073,9003,888
By counterparty
Reporting dealers2,3211,9991,8091,57168575249
Other financial institutions6,8176,1106,0625,933227171129156
Central counterparties5,1364,5194,4454,2171641187596
Banks and security firms4874064004091411812
Insurance firms1241251271116556
SPVs, SPCs and SPEs765648464322
Hedge funds37538138337119171816
Other financial customers61862465877821182024
Non-financial customers2162362713059568
By rating category
Investment grade6,0085,3215,1364,529
Non-investment grade2,0491,8571,3771,610
Non-rated1,2161,0771,5451,420
By maturity
Up to 1 year1,8821,4041,4741,781
Between 1 and 5 years6,6296,0765,8245,015
Over 5 years763775760762
By sector
Sovereigns1,5301,4581,3681,265
Financial firms1,5441,4331,4811,603
Non-financial firms2,4062,1042,0102,181
Securitised products371382300278
Multiple sectors3,4562,9162,9342,270
By location of counterparty
Home country2,2222,0632,1281,869
Abroad7,0516,1925,9305,690
United States2,1871,7371,5391,552
European developed countries4,1313,7013,6783,322
Japan79757269
Other Asian countries75787870
Latin America313327314374
All other countries267273249303
Other derivatives137164199253892214
Gross credit exposure2,6832,5702,2742,662