OTC derivatives statistics at end-June 2025

Role of Triennial Survey reporters in derivatives outstanding

The BIS statistics on OTC derivatives outstanding published on a semiannual basis combine two collections. They are compiled as of June and December every year with data received from 12 major reporting countries covering 65 large dealers. In addition, every three years the BIS Triennial Survey covers a larger set of dealers from the 12 major jurisdictions plus dealers from more than 30 additional jurisdictions. Between Triennial Survey years, this segment is estimated by the BIS. The amounts reported by additional (non-regular) reporters are interpolated to scale up the amounts outstanding in the semiannual OTC derivatives statistics.

The 65 regular reporting dealers account for the bulk of the global totals. Their relatively large market shares reflect the fact that amounts outstanding are collected on a consolidated rather than on a residence basis. In June 2025, this group accounted for 89% of total notional amounts outstanding and 67% of gross market value (Graph 1). That said, the contribution of the non-regular dealers that report only every three years was significant in some segments. For instance, they accounted for 13% of FX derivatives notional amounts and for 18% of commodity derivatives notional amounts.

An exceptional period of growth in OTC derivatives

The expansion in notional amounts occurred against the backdrop of elevated uncertainty over trade, monetary policy outlooks and geopolitical tensions. The events in April in particular fuelled activity in derivatives markets.² Partly as a result, the notional amounts of OTC derivatives – comprising instruments in all risk categories – rose to $846 trillion in June 2025, up 16% from June 2024 (Graph 2.A). This 16% rise is the largest year-on-year increase observed since 2008, before the onset of the Great Financial Crisis of 2008-09. Gross market values, which are orders of magnitude smaller than notional amounts, rose by $5 trillion (29%) yoy, the largest increase observed since 2022 (Graph 2.B).³

The uncertain environment led market participants to hedge more risk, with each of the risk categories exhibiting considerable growth (Graph 3). As interest rate derivatives make up 79% of all OTC derivatives' notional amounts, their 15% growth rate drove the total.

Growth of notional amounts in FX derivatives was at 20% yoy, partly attributed to hedging.⁴ FX derivatives grew by $25 trillion (19%) yoy in notional value to $155 trillion, of which $100 trillion are forwards and swaps that mature within a year. In the risk categories with smaller notional amounts, credit derivatives registered the fastest growth, at 23% yoy.

Looking at OTC IRD by currency, the sharpest increases occurred in the euro segment and in other, smaller currencies. Both the notional amounts outstanding and the gross market value of IRD euro contracts rose by 24% yoy (Graph 4). Notional amounts in euro-denominated IRD exceeded those of dollar-denominated contracts since 2022 (Graph 4.A, blue line).⁵ In parallel, the gross market value of IRD in currencies other than the dollar, yen, pound sterling or Swiss franc has reached that of dollar-denominated IRD (Graph 4.B, black line). In June 2025, the Other currencies segment was $1.4 trillion (77%) larger than what had been reported in June 2022.⁶

Turning to gross market values of most commodity-based risk derivatives categories, including energy commodities, they have come down off their high over the past three years, in a context marked by a significant decline in commodity prices following the outbreak of war in Ukraine in early 2022 (Graph 5, purple line). An exception to this general trend is gold derivatives; in particular, the most recent 25% increase in gold prices observed in the first half of 2025 has led to a parallel doubling of gross market value of gold derivatives, to $0.08 trillion.

Commodity-based risk derivatives, including energy commodities, have reverted from the levels reached following the outbreak of war in Ukraine (Graph 5). After surging in early 2022, gross market values of commodity derivatives have fallen along with the general decline in commodity prices. In contrast to this trend, gold derivatives reflected the 25% increase in gold prices observed in the first half of 2025, leading to a parallel doubling of gross market value to $0.08 trillion.

Annex

¹  Other currencies include all currencies other than the US dollar, euro, yen, pound sterling and Swiss franc. The coverage of this segment is broader in the BIS Triennial Survey than in semiannual statistics.

²  See the articles in the December BIS Quarterly Review, drawing on the 2025 BIS Triennial Central Bank Survey of Foreign Exchange and Over-the-counter (OTC) Derivatives Markets conducted in April.

³  For an introduction to the BIS derivatives statistics and the underlying concepts, see S Avdjiev, P McGuire and G von Peter (2025): "International finance through the lens of BIS statistics: derivatives markets", BIS Quarterly Review, December.

⁴  See W Huang, I Krohn and V Sushko (2025): "Global FX markets when hedging takes centre stage", BIS Quarterly Review, December.

⁵  For an analysis of structural shifts in IRD markets, see T Ehlers and K Todorov (2025): "Goodbye Libor, hello basis traders: unpacking the surge in global interest rate derivatives turnover", BIS Quarterly Review, December.

⁶  The Other currencies segment has broader coverage in the BIS Triennial years thanks to the inclusion of non-regular reporting dealers.