Gross Notional Outstanding - Credit (Millions of USD) - 04/11/2025

CDS by Product & Cleared Status

ProductCleared2UnclearedTotal
Index Tranche / Index / Other*4,184,4621,907,9066,092,368
Asia38,16151,87590,035
Europe2,484,899496,5402,981,439
North America1,576,937887,8122,464,748
Other Regions84,466471,680556,146
TOTAL4,184,4621,907,9066,092,368
    
* Includes exotic credit products, swaptions, and total return swaps.

CDS by Product & Grade

ProductHY6IGOtherTotal
Index Tranche / Index / Other*926,6164,613,128552,6246,092,368
Asia090,035090,035
Europe434,1332,547,30602,981,439
North America490,2171,974,53102,464,748
Other Regions2,2661,256552,624556,146
TOTAL926,6164,613,128552,6246,092,368
     
* Includes exotic credit products, swaptions, and total return swaps.

CDS by Product, Participant Type & Cleared Status

 Swap Dealers/MSPs5Others
ProductCleared2UnclearedClearedUncleared
Index Tranche / Index / Other*6,178,1152,523,3062,190,8101,292,505
Asia56,38785,36719,93418,382
Europe4,062,911665,742906,887327,338
North America1,928,7121,211,4701,225,161564,153
Other Regions130,105560,72738,827382,632
TOTAL6,178,1152,523,3062,190,8101,292,505
     
* Includes exotic credit products, swaptions, and total return swaps.

CDS by Product, Participant Type & Grade

 Swap Dealers/MSPs5Others
ProductHY6IGOtherHYIGOther
Index Tranche / Index / Other*1,253,2386,762,397685,786599,9932,463,860419,463
Asia0141,7540038,3160
Europe651,7114,076,9420216,5551,017,6700
North America598,5622,541,6200381,8721,407,4420
Other Regions2,9652,080685,7861,566431419,463
TOTAL1,253,2386,762,397685,786599,9932,463,860419,463
       
* 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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