Recent Trends in OTC Derivatives Markets--Highlights Observed through OTC Derivatives Statistics--

Yasunori Yoshizaki, Makiko Inoue and Kyosuke Shiotani
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Makiko Inoue: Bank of Japan
Kyosuke Shiotani: Bank of Japan

No 17-E-4, Bank of Japan Review Series from Bank of Japan

Abstract: Various regulatory reforms have been implemented internationally on over-the-counter (OTC) derivatives contracts, drawing on the lessons learned from the 2008 international financial crisis. Utilizing OTC derivatives statistics compiled by the Bank for International Settlement and central banks worldwide, this paper analyzes trends in OTC derivatives markets, which developed during a series of in-progress regulatory reforms, through a comparison of Japanese statistical results with global results. As a result, recent highlights as follows were clarified: (1) amounts outstanding of interest rate and foreign exchange derivatives denominated in USD have been increasing, reflecting the investment activities of Japanese institutional investors; (2) clearing through central counterparties (CCPs) has been advancing, mainly in interest rate derivatives, due to commencement of clearing obligations; and (3) movements to reduce notional amounts outstanding of OTC derivatives by utilizing compression have been expanding.

Date: 2017-06-19
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