Triennial and semiannual central bank surveys on positions in the OTC derivatives market in June 2004 - Preliminary global results

The second part of the Triennial Central Bank Survey of Foreign Exchange and Derivatives Market Activity shows that the notional principal of outstanding OTC contracts expanded rapidly between end-June 2001 and end-June 2004, by 120%. Growth was strong in almost all segments of the global OTC derivatives market, recording a peak for credit derivatives, which grew more than sixfold.

In the first half of 2004, the period covered by the latest BIS semiannual survey on positions in the global OTC derivatives market, notional amounts outstanding increased by 12%, nearly as much as in the second half of 2003. The total estimated notional amounts outstanding of OTC contracts amounted to $220 trillion.

The BIS has started to calculate statistics on concentration in various derivatives markets, based on the data contained in the regular semiannual statistics. From end-1998 to mid-2004 concentration in the main OTC derivatives markets remained stable or increased slightly.

Explanatory notes are included which define the terms used to present the statistics. Statistical tables follow the explanatory notes.

Queries concerning this release should be addressed to the authors listed below:

Section I.1, I.2, I.3, I.4: Fabio Fornari

Section I.5: Jacob Gyntelberg 

Section II: Karsten von Kleist 

Section III: Paola Gallardo 

Section IV: Denis Petre

The BIS expects to release the final global result in the spring of 2005.