Triennial and regular OTC Derivatives Market Statistics

Today the BIS is releasing the latest statistics on positions in the global over-the-counter (OTC) derivatives market at end-June 2007. These comprise the preliminary results of the second part of the Triennial Central Bank Survey of Foreign Exchange and Derivatives Market Activity as well as the regular semiannual OTC derivatives statistics.

The triennial versus the semiannual surveys

The second part of the Triennial Central Bank Survey of Foreign Exchange and Derivatives Market Activity and the regular semiannual survey of positions in the global OTC derivatives market share the same format but differ in coverage. The triennial survey is more comprehensive. It contains information on instruments not covered by the semiannual survey, in particular credit derivatives other than credit default swaps (CDSs). Moreover, whereas the semiannual survey aggregates data from major dealers in the G10 countries and Switzerland, the triennial survey covers market participants in 47 jurisdictions. The results of the regular semiannual surveys are adjusted upwards to take this difference into account. Both surveys cover the notional amounts outstanding and gross market values of foreign exchange, interest rate, equity, commodity and credit derivatives traded in OTC markets. Furthermore, they both refer to the worldwide consolidated positions of reporting dealers.

The first part of the Triennial Central Bank Survey of Foreign Exchange and Derivatives Market Activity was issued on 25 September 2007 and covered turnover in traditional foreign exchange markets and OTC currency and interest rate derivatives markets. The final results on turnover and amounts outstanding in foreign exchange and OTC derivatives markets will be published on 18 December 2007.