Gross Notional Outstanding - Credit (Millions of USD)

CDS by Product & Cleared Status

Product Cleared2 Uncleared Total
Index Tranche / Index 2,631,243 1,619,592 4,250,835
Asia 57,081 117,463 174,544
Europe 1,668,039 504,997 2,173,036
North America 868,025 851,534 1,719,558
Other 38,098 145,599 183,697
OTHER* 9,155 664,469 673,624
TOTAL 2,640,398 2,284,062 4,924,459
* Includes exotic credit products, swaptions, and total return swaps.

CDS by Product & Grade

Product HY6 IG Other Total
Index Tranche 61,851 153,206 0 215,056
Index 663,201 3,187,963 184,615 4,035,779
Asia 0 174,544 0 174,544
Europe 306,418 1,748,361 0 2,054,778
North America 356,783 1,264,876 1,210 1,622,869
Other 0 182 183,405 183,587
OTHER* 86,625 524,427 62,572 673,624
TOTAL 811,677 3,865,596 247,187 4,924,459
* Includes exotic credit products, swaptions, and total return swaps.

CDS by Product, Participant Type & Cleared Status

  Swap Dealers/MSPs5 Others
Product Cleared2 Uncleared Cleared Uncleared
Index Tranche / Index / Other* 3,916,242 3,127,775 1,364,553 1,440,349
Asia 99,019 189,974 15,144 44,952
Europe 2,650,260 720,808 685,818 289,186
North America 1,096,174 1,175,772 639,875 527,296
Other 70,790 1,041,221 23,716 578,916
TOTAL 3,916,242 3,127,775 1,364,553 1,440,349
* Includes exotic credit products, swaptions, and total return swaps.

CDS by Product, Participant Type & Grade

  Swap Dealers/MSPs5 Others
Product HY6 IG Other HY IG Other
Index Tranche 96,894 198,443 0 26,808 107,968 0
Index 891,375 4,743,487 247,176 435,026 1,632,440 122,054
Asia 0 288,992 0 0 60,096 0
Europe 445,200 2,769,422 0 167,635 727,299 0
North America 446,175 1,684,708 2,281 267,391 845,045 139
Other 0 365 244,895 0 0 121,915
OTHER* 109,355 689,331 67,955 63,896 359,523 57,189
TOTAL 1,097,624 5,631,261 315,131 525,730 2,099,930 179,242
* Includes exotic credit products, swaptions, and total return swaps.

Notes

Gross notional amount outstanding, current weekly snapshot, by product type and cleared status (millions of USD), all participant types, tenors and currencies. For cleared swaps, this table reflects only one of the two swaps that results from the clearing process; therefore, the numbers on this table are analogous to the notional value of futures open interest.
1 See Data Dictionary for product descriptions and Explanatory Notes for data sources.
2 See Explanatory Notes for cleared and uncleared descriptions.
3 See Explanatory Notes for currency descriptions.
4 See Explanatory Notes for tenor bucket descriptions.
5 See Explanatory Notes for participant type descriptions.
6 See Data Dictionary for grade descriptions.
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