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Global OTC derivatives market
In billions of US dollars
«  H1 2023 › »
Notional amounts outstanding Gross market value
H2 2021 H1 2022 H2 2022 H1 2023 H2 2021 H1 2022 H2 2022 H1 2023
Commodity contracts2,2182,9622,3372,244391920521301
By commodity
Gold68682070082417262725
Other precious metal9510691926888
Other commodities1,4372,0361,5461,329368886486269
By instrument & commodity
Forwards and swaps1,7082,3411,8141,734
Gold528627548644
Other precious metal71837265
Other commodities1,1101,6311,1941,025
Total options510621523511
Gold158193153180
Other precious metal24231927
Other commodities328405352304
Options sold (gross basis)324381327327
Gold9611398113
Other precious metal12121015
Other commodities215256219199
Options bought (gross basis)300378312296
Gold9812288106
Other precious metal17161318
Other commodities185240211171
Credit derivatives9,0619,5429,94110,122211247186203
Credit default swaps8,8009,3169,7289,902199211146168
By instrument
Single-name instruments3,5293,8824,0514,004781097276
Multi-name instruments5,2715,4345,6775,8971201037492
Index products4,9055,1605,1565,618
By counterparty
Reporting dealers1,1601,1781,1691,13433463033
Other financial institutions7,4058,0138,4568,674160159111131
Central counterparties5,4636,1296,7166,95098885070
Banks and security firms68682877983120262626
Insurance firms1131201031015433
SPVs, SPCs and SPEs818370683432
Hedge funds39539133235915191617
Other financial customers66746245636719181413
Non-financial customers235125103935654
By rating category
Investment grade4,5514,6304,6485,001
Non-investment grade2,0082,2162,1391,937
Non-rated2,0072,0132,4952,447
By maturity
Up to 1 year1,2191,2021,3071,414
Between 1 and 5 years6,6566,9997,3177,347
Over 5 years691658658625
By sector
Sovereigns1,1241,1961,1461,106
Financial firms1,6721,7051,7151,682
Non-financial firms2,2462,2692,5842,683
Securitised products174155201176
Multiple sectors3,3863,6263,7273,844
By location of counterparty
Home country2,2172,4232,5532,483
Abroad6,3496,4376,7296,902
United States2,2132,0692,3942,131
European developed countries3,4843,7163,7184,153
Japan85829081
Other Asian countries68748073
Latin America264286274282
All other countries236209174182
Other derivatives33757456159322535858
Gross credit exposure2,5353,2973,6733,644