Gross Notional Outstanding - Credit (Millions of USD)

CDS by Product & Cleared Status

Product Cleared2 Uncleared Total
Index Tranche / Index 2,511,764 1,024,705 3,536,469
Asia 56,779 75,648 132,427
Europe 1,697,500 268,043 1,965,543
North America 723,573 621,582 1,345,154
Other 33,912 59,433 93,345
OTHER* 1,772 508,794 510,566
TOTAL 2,513,536 1,533,500 4,047,035
       
* Includes exotic credit products, swaptions, and total return swaps.

CDS by Product & Grade

Product HY6 IG Other Total
Index Tranche 65,266 154,023 0 219,289
Index 517,508 2,705,226 94,446 3,317,180
Asia 0 132,427 0 132,427
Europe 266,442 1,576,240 0 1,842,682
North America 251,067 996,560 1,210 1,248,837
Other 0 0 93,235 93,235
OTHER* 74,601 373,781 62,184 510,566
TOTAL 657,375 3,233,030 156,630 4,047,035
         
* 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* 3,639,267 2,032,668 1,387,805 1,034,332
Asia 98,133 131,127 15,424 20,169
Europe 2,646,494 371,050 748,507 165,035
North America 846,539 883,123 600,606 360,040
Other 48,101 647,368 23,267 489,088
TOTAL 3,639,267 2,032,668 1,387,805 1,034,332
         
* 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 103,930 200,280 0 26,602 107,765 0
Index 680,945 3,989,140 132,537 354,072 1,421,313 56,354
Asia 0 229,260 0 0 35,593 0
Europe 393,448 2,459,978 0 139,435 692,501 0
North America 287,497 1,299,901 2,281 214,637 693,219 139
Other 0 0 130,256 0 0 56,215
OTHER* 82,055 415,557 67,491 67,146 332,006 56,878
TOTAL 866,930 4,604,977 200,028 447,821 1,861,083 113,232
             
* 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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