Gross Notional Outstanding - Credit (Millions of USD)

CDS by Product & Cleared Status

Product Cleared2 Uncleared Total
Index Tranche / Index 2,627,014 973,601 3,600,615
Asia 58,105 67,411 125,516
Europe 1,732,525 268,593 2,001,117
North America 800,032 586,721 1,386,753
Other 36,353 50,876 87,229
OTHER* 3,252 644,497 647,749
TOTAL 2,630,266 1,618,098 4,248,364
       
* Includes exotic credit products, swaptions, and total return swaps.

CDS by Product & Grade

Product HY6 IG Other Total
Index Tranche 68,218 154,039 0 222,257
Index 545,230 2,744,799 88,329 3,378,358
Asia 0 125,516 0 125,516
Europe 283,378 1,591,116 0 1,874,494
North America 261,852 1,028,167 1,210 1,291,230
Other 0 0 87,119 87,119
OTHER* 93,560 492,935 61,255 647,749
TOTAL 707,007 3,391,773 149,584 4,248,364
         
* 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* 3,884,232 2,120,472 1,376,300 1,115,724
Asia 101,083 114,532 15,126 20,291
Europe 2,771,416 366,330 693,633 170,855
North America 958,680 845,252 641,384 328,190
Other 53,053 794,358 26,157 596,388
TOTAL 3,884,232 2,120,472 1,376,300 1,115,724
         
* 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 109,455 201,341 0 26,981 106,737 0
Index 750,312 4,094,014 123,130 340,148 1,395,584 53,528
Asia 0 215,615 0 0 35,417 0
Europe 445,659 2,521,055 0 121,097 661,177 0
North America 304,653 1,357,344 2,281 219,051 698,991 139
Other 0 0 120,848 0 0 53,389
OTHER* 100,378 562,374 63,701 86,741 423,496 58,809
TOTAL 960,145 4,857,728 186,831 453,870 1,925,817 112,336
             
* 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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