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Global OTC derivatives market
In billions of US dollars
«  H2 2018 › »
Notional amounts outstanding Gross market value
H1 2017 H2 2017 H1 2018 H2 2018 H1 2017 H2 2017 H1 2018 H2 2018
Commodity contracts1,7621,8622,1331,898171189207220
By commodity
Gold53552056851323212321
Other precious metal755370654344
Other commodities1,1521,2881,4951,320144164180195
By instrument & commodity
Forwards and swaps1,3521,4141,6271,450
Gold395381419376
Other precious metal58405448
Other commodities9009931,1531,026
Total options410447506449
Gold141139149137
Other precious metal17141517
Other commodities253294342294
Options sold (gross basis)254275313287
Gold83858781
Other precious metal118910
Other commodities160182218197
Options bought (gross basis)248272305261
Gold89859586
Other precious metal1091012
Other commodities149178200163
Credit derivatives9,9679,5788,5828,373307313238191
Credit default swaps9,7279,3548,3468,143300304232187
By instrument
Single-name instruments5,1014,5704,1483,954152130118105
Multi-name instruments4,6264,7844,1994,18914817411582
Index products4,2294,4424,0043,899
By counterparty
Reporting dealers2,9712,3211,9981,80989685752
Other financial institutions6,5976,8176,1126,063206227171129
Central counterparties4,9125,1364,5194,44514216411875
Banks and security firms4264874084021214118
Insurance firms1431241251276655
SPVs, SPCs and SPEs907656484432
Hedge funds43537538138321191718
Other financial customers59061862465920211820
Non-financial customers1592162362706956
By rating category
Investment grade6,2606,0085,3215,137
Non-investment grade2,1562,0491,8581,377
Non-rated1,2291,2161,0781,546
By maturity
Up to 1 year2,5131,8821,4041,475
Between 1 and 5 years6,4046,6296,0775,826
Over 5 years727763775760
By sector
Sovereigns1,6731,5301,4581,368
Financial firms1,6741,5441,4351,484
Non-financial firms2,6602,4062,1042,010
Securitised products293371382300
Multiple sectors3,3803,4562,9152,933
By location of counterparty
Home country2,3802,2222,0642,129
Abroad7,2657,0516,1925,931
United States2,2052,1871,7371,539
European developed countries4,2784,1313,7013,679
Japan95797572
Other Asian countries81757878
Latin America323313327314
All other countries282267273249
Other derivatives11213716419998922
Gross credit exposure2,7702,6832,5702,274