graph_Graph A.8_74225EDC

Growth of central clearing

Notional amounts outstanding by counterparty, in per cent

Graph A.8

Interest rate derivatives

Credit default swaps

¹ As a percentage of notional amounts outstanding against all counterparties. ² Including central counterparties but excluding reporting dealers. ³ For interest rate derivatives, data for CCPs prior to end-June 2016 are estimated by indexing the amounts reported at end-June 2016 to the growth since 2008 of notional amounts outstanding cleared through LCH’s SwapClear service. ⁴ Proportion of trades that are cleared, estimated as (CCP / 2) / (1 – (CCP / 2)), where CCP represents the share of notional amounts outstanding that dealers report against CCPs. The CCP share is halved to adjust for the potential double-counting of inter-dealer trades novated to CCPs.

Sources: LCH.Clearnet Group Ltd; BIS OTC derivatives statistics (Table D7 and Table D10.1); BIS calculations.