Gross Notional Outstanding - Credit (Millions of USD)

CDS by Product & Cleared Status

Product Cleared2 Uncleared Total
Index Tranche / Index 2,717,136 1,010,246 3,727,382
Asia 58,941 73,503 132,445
Europe 1,815,745 282,022 2,097,768
North America 808,479 596,490 1,404,969
Other 33,971 58,231 92,201
OTHER* 2,070 654,521 656,591
TOTAL 2,719,206 1,664,768 4,383,973
       
* Includes exotic credit products, swaptions, and total return swaps.

CDS by Product & Grade

Product HY6 IG Other Total
Index Tranche 68,534 155,326 0 223,860
Index 562,208 2,848,013 93,301 3,503,522
Asia 0 132,445 0 132,445
Europe 300,082 1,671,235 0 1,971,317
North America 262,126 1,044,333 1,210 1,307,669
Other 0 0 92,091 92,091
OTHER* 81,431 512,923 62,237 656,591
TOTAL 712,173 3,516,262 155,538 4,383,973
         
* 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* 4,093,711 2,223,963 1,344,700 1,105,573
Asia 102,512 124,067 15,371 22,940
Europe 2,983,202 390,949 648,289 173,096
North America 962,222 858,159 654,736 334,821
Other 45,777 850,788 26,304 574,716
TOTAL 4,093,711 2,223,963 1,344,700 1,105,573
         
* 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 109,902 203,136 0 27,165 107,517 0
Index 804,419 4,301,481 130,947 319,998 1,394,544 55,655
Asia 0 226,578 0 0 38,312 0
Europe 494,021 2,708,804 0 106,144 633,666 0
North America 310,397 1,366,099 2,281 213,855 722,567 139
Other 0 0 128,666 0 0 55,516
OTHER* 95,488 607,627 64,673 67,374 418,219 59,800
TOTAL 1,009,809 5,112,244 195,621 414,537 1,920,280 115,456
             
* 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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