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Global OTC derivatives market
In billions of US dollars
«  H1 2022 › »
Notional amounts outstanding Gross market value
H2 2020 H1 2021 H2 2021 H1 2022 H2 2020 H1 2021 H2 2021 H1 2022
Commodity contracts2,0512,4532,2182,962216300391920
By commodity
Gold83497868682033251726
Other precious metal95116951068768
Other commodities1,1221,3591,4372,036174268368886
By instrument & commodity
Forwards and swaps1,4521,5861,7082,341
Gold530487528627
Other precious metal64847183
Other commodities8581,0151,1101,631
Total options598867510621
Gold303491158193
Other precious metal31322423
Other commodities264344328405
Options sold (gross basis)404554324381
Gold22031796113
Other precious metal18171212
Other commodities166221215256
Options bought (gross basis)328506300378
Gold15128498122
Other precious metal20221716
Other commodities157200185240
Credit derivatives8,6499,1219,0619,542219220211247
Credit default swaps8,3598,8138,8009,316202205199211
By instrument
Single-name instruments3,4843,4453,5293,882777178109
Multi-name instruments4,8765,3685,2715,434125134120103
Index products4,5294,3354,9055,160
By counterparty
Reporting dealers1,2611,1121,1601,17838333346
Other financial institutions6,7987,4587,4058,013156166160159
Central counterparties5,2225,6155,4636,129951019888
Banks and security firms41263468682814222026
Insurance firms1091121131208654
SPVs, SPCs and SPEs637581833334
Hedge funds27740639539114151519
Other financial customers71561666746221201918
Non-financial customers3012432351258656
By rating category
Investment grade4,7184,7694,5514,630
Non-investment grade1,7411,8792,0082,216
Non-rated1,6731,9272,0072,013
By maturity
Up to 1 year1,2181,1781,2191,202
Between 1 and 5 years6,2056,6736,6566,999
Over 5 years710723691658
By sector
Sovereigns1,1401,1091,1241,196
Financial firms1,6271,8221,6721,705
Non-financial firms2,3042,3252,2462,269
Securitised products292953174155
Multiple sectors2,8042,4023,3863,626
By location of counterparty
Home country1,9782,1362,2172,423
Abroad6,1546,4386,3496,437
United States1,8161,9812,2132,069
European developed countries3,6683,8483,4843,716
Japan75848582
Other Asian countries76726874
Latin America277245264286
All other countries242209236209
Other derivatives22734733757413152253
Gross credit exposure3,3662,7132,5353,297