Gross Notional Outstanding - Credit (Millions of USD) - 03/28/2025

CDS by Product & Cleared Status

ProductCleared2UnclearedTotal
Index Tranche / Index / Other*3,982,8201,546,1585,528,978
Asia38,00648,64486,650
Europe2,143,412366,5332,509,945
North America1,713,378706,6222,420,000
Other Regions88,024424,359512,384
TOTAL3,982,8201,546,1585,528,978
    
* Includes exotic credit products, swaptions, and total return swaps.

CDS by Product & Grade

ProductHY6IGOtherTotal
Index Tranche / Index / Other*911,7184,109,424507,8365,528,978
Asia086,650086,650
Europe373,2312,136,71402,509,945
North America535,8751,884,12402,420,000
Other Regions2,6121,935507,836512,384
TOTAL911,7184,109,424507,8365,528,978
     
* Includes exotic credit products, swaptions, and total return swaps.

CDS by Product, Participant Type & Cleared Status

 Swap Dealers/MSPs5Others
ProductCleared2UnclearedClearedUncleared
Index Tranche / Index / Other*5,735,2362,008,7522,230,4051,083,564
Asia55,44080,23820,57217,050
Europe3,471,083475,011815,742258,055
North America2,079,542948,5071,347,213464,737
Other Regions129,171504,99746,878343,722
TOTAL5,735,2362,008,7522,230,4051,083,564
     
* Includes exotic credit products, swaptions, and total return swaps.

CDS by Product, Participant Type & Grade

 Swap Dealers/MSPs5Others
ProductHY6IGOtherHYIGOther
Index Tranche / Index / Other*1,249,1955,867,353627,440574,2422,351,495388,232
Asia0135,6780037,6220
Europe546,2663,399,8280200,196873,6000
North America699,2172,328,8320372,5331,439,4160
Other Regions3,7113,016627,4401,513855388,232
TOTAL1,249,1955,867,353627,440574,2422,351,495388,232
       
* 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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