Gross Notional Outstanding - Credit (Millions of USD) - 01/26/2024

CDS by Product & Cleared Status

Product Cleared2 Uncleared Total
Index Tranche / Index / Other* 2,606,934 1,379,796 3,986,731
Asia 64,781 47,429 112,210
Europe 1,376,122 170,149 1,546,271
North America 1,082,274 333,369 1,415,643
Other 83,758 828,849 912,607
TOTAL 2,606,934 1,379,796 3,986,731
       
* Includes exotic credit products, swaptions, and total return swaps.

CDS by Product & Grade

Product HY6 IG Other Total
Index Tranche / Index / Other* 533,939 3,236,924 215,868 3,986,731
Asia 0 112,210 0 112,210
Europe 146,983 1,399,288 0 1,546,271
North America 291,259 1,123,830 554 1,415,643
Other 95,698 601,596 215,314 912,607
TOTAL 533,939 3,236,924 215,868 3,986,731
         
* 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* 3,738,952 1,778,566 1,474,916 981,027
Asia 106,592 78,879 22,970 15,979
Europe 2,199,976 245,657 552,268 94,640
North America 1,320,354 461,009 844,193 205,729
Other 112,030 993,020 55,485 664,678
TOTAL 3,738,952 1,778,566 1,474,916 981,027
         
* 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 / Index / Other* 683,260 4,566,082 268,176 384,618 1,907,765 163,560
Asia 0 185,471 0 0 38,949 0
Europe 243,368 2,202,265 0 50,597 596,310 0
North America 331,056 1,449,574 734 251,462 798,086 375
Other 108,836 728,772 267,442 82,559 474,419 163,185
TOTAL 683,260 4,566,082 268,176 384,618 1,907,765 163,560
             
* 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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