The notional amount of outstanding OTC derivatives declined from $553 trillion to $483 trillion between end-June and end-December 2016. Their gross market value - that is, the cost of replacing all outstanding contracts at current market prices - fell from $21 trillion to $15 trillion over the same period.
Central clearing made further inroads. In particular, the share of centrally cleared credit default swaps (CDS) jumped from 37% of notional amounts outstanding at end-June 2016 to 44% at end-December. In OTC interest rate derivatives markets, the share centrally cleared was more or less unchanged at 76%.
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