The total notional
amount of outstanding Over-The-Counter derivatives declined 1.0 percent to $639
trillion at the end of June from the end of 2011, mainly because a rise in the
value of the U.S. dollar reduced the value of euro-denominated contracts, the
Bank for International Settlements (BIS) said.
The overall
decline was driven by a 2.0 percent drop in interest rate contracts, BIS said,
adding that the notional amounts of credit derivatives fell by 6.0 percent.
In contrast, BIS
said the value of outstanding foreign exchange contracts rose by 5.0 percent to
$67 trillion.
Gross credit
exposures, which measure the exposure of dealers reporting to the BIS, fell to
$3.7 trillion after taking into account netting agreements. Gross market values, which measure the cost of replacing existing contracts, fell by 7 percent to $25 trillion.
A detailed
analysis of the recent trends in the OTC derivatives markets, which will soon
be traded on exchanges, will be published in the next BIS Quarterly Review on
Dec. 10.
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