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 1,378,048 433,543 1,811,592
North America 1,082,274 765,368 1,847,642
Other Regions 81,831 133,456 215,287
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 187,719 1,623,846 27 1,811,592
North America 346,220 1,500,867 554 1,847,642
Other Regions 0 0 215,287 215,287
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 2,203,286 567,919 552,810 299,168
North America 1,320,354 973,072 844,193 557,664
Other Regions 108,720 158,696 54,943 108,216
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 291,227 2,479,952 27 84,212 767,740 27
North America 392,033 1,900,659 734 300,407 1,101,076 375
Other Regions 0 0 267,416 0 0 163,159
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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