The value of outstanding derivatives (notional amounts) grew by 8% overall in 2023. Amounts rose by 15% in the first half of the year and fell by 6% in the second, a seasonal saw-tooth pattern evident since at least 2016. Interest rate derivatives, which grew by 8% yoy, drove overall growth in 2023 (up 17% in the first half and down 8% in the second). Outstanding FX derivatives (notional amounts) also rose in 2023, growing by 10% in the first half but declining by 0.4% in the second. The share of centrally cleared credit default swaps, which had risen steadily over the last decade, dropped from 70% at end-June to 65% at end-December 2023.

This information was gathered from the Bank for International Settlements