Central clearing predominates in OTC interest rate derivatives markets

Press release  | 
10 November 2016

Central clearing predominates in the over-the-counter (OTC) interest rate derivatives markets but is less prevalent for other OTC derivatives, as the combined results of the BIS semiannual and Triennial surveys of outstanding OTC derivatives positions show.

For the first time, the latest surveys captured comprehensive data on positions with central counterparties (CCPs). As of end-June 2016, 75% of reporting dealers' outstanding OTC interest rate derivatives contracts were cleared through CCPs, compared with 37% for credit derivatives and less than 2% for OTC foreign exchange and equity derivatives. Overall, 62% of the $544 trillion in notional amounts outstanding reported by dealers was centrally cleared.

The gross market value of outstanding OTC derivatives - that is, the cost of replacing all outstanding contracts at current market prices - rose to $20.7 trillion at end-June 2016 from $14.5 trillion at end-2015. The gross market value of foreign exchange derivatives involving the yen and pound sterling more than doubled in the first half of 2016, on the back of sharp moves in the respective currencies.

Outstanding positions in OTC derivatives markets are concentrated among major dealers. Of the $544 trillion in notional amounts outstanding at end-June 2016, $512 trillion (94%) was reported by dealers from the 13 countries that participate in the BIS semiannual survey, and $32 trillion by dealers that participate only in the BIS Triennial Survey.

Queries regarding the BIS OTC derivatives statistics may be directed to statistics$bis.org (where "$" denotes "@").



  1. The semiannual survey captures the outstanding OTC derivatives positions of about 70 banks and other derivatives dealers based in 13 countries, at end-June and end-December of each year. Every three years, the positions of additional dealers and countries are captured in the Triennial Central Bank Survey. At end-June 2016, together the two surveys covered more than 400 dealers in 46 countries. The combined results are presented in Annex A of the OTC derivatives statistical release and in PDF and XLS tables on the BIS website.
  2. The semiannual survey and outstanding positions part of the Triennial Survey are overseen by the Committee on the Global Financial System at the BIS. Central banks and other authorities collected data from banks and other derivatives dealers headquartered in their jurisdictions and reported national aggregates to the BIS, which then calculated global aggregates.
  3. Data are subject to change. Revised data will be released concurrently with the BIS Quarterly Review on 11 December 2016. The December 2016 BIS Quarterly Review will include several special feature articles that analyse the results of the 2016 Triennial Survey.