Gross Notional Outstanding - Credit (Millions of USD) - 09/04/2026

CDS by Product & Cleared Status

Product	Cleared2	Uncleared	Total
Index Tranche / Index / Other*	4,878,168	2,455,880	7,334,047
Asia	55,022	57,451	112,473
Europe	2,607,522	923,578	3,531,100
North America	2,110,739	1,050,541	3,161,280
Other Regions	104,885	424,309	529,194
TOTAL	4,878,168	2,455,880	7,334,047

* Includes exotic credit products, swaptions, and total return swaps.

CDS by Product & Grade

Product	HY6	IG	Other	Total
Index Tranche / Index / Other*	1,221,871	5,589,702	522,475	7,334,047
Asia	0	112,473	0	112,473
Europe	640,214	2,890,886	0	3,531,100
North America	577,745	2,583,536	0	3,161,280
Other Regions	3,912	2,808	522,475	529,194
TOTAL	1,221,871	5,589,702	522,475	7,334,047

* 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*	6,764,534	3,063,589	2,991,801	1,848,170
Asia	89,143	97,280	20,900	17,622
Europe	3,983,075	1,160,903	1,231,970	686,253
North America	2,541,522	1,304,104	1,679,956	796,979
Other Regions	150,794	501,302	58,975	347,317
TOTAL	6,764,534	3,063,589	2,991,801	1,848,170

* 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*	1,527,183	7,660,553	640,387	916,558	3,518,850	404,562
Asia	0	186,423	0	0	38,522	0
Europe	853,493	4,290,485	0	426,936	1,491,287	0
North America	666,679	3,178,948	0	488,810	1,988,124	0
Other Regions	7,011	4,698	640,387	812	918	404,562
TOTAL	1,527,183	7,660,553	640,387	916,558	3,518,850	404,562

* 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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