Gross Notional Outstanding - FX (Millions of USD) - 05/23/2025

FX by Product & Cleared Status

ProductClearedUnclearedTotal
Swaps & Forwards113,44639,644,30739,757,754
NDF2,378,8445,730,9548,109,798
Options648,43610,525,47811,173,914
OTHER*134,00016,510,21016,644,210
TOTAL3,274,72672,410,95075,685,675
    
* Includes cross-currency and exotics.

FX by Major Currency Pair, Region & Product

Currency Pair1Swaps & ForwardsNDF7OptionsOther8Total
USD/36,335,7228,064,52310,231,88815,994,10570,626,239
EUROPE15,341,773175,6014,207,3418,968,96828,693,683
EUR7,962,542101,3883,410,1775,286,77416,760,881
GBP3,730,47435,329441,4022,778,6786,985,882
CHF1,603,40620,024296,259526,2252,445,914
OTHER22,045,35118,86159,503377,2912,501,006
AMERICAS/CARIBBEAN3,286,0921,954,8561,131,0091,705,9058,077,862
CAD2,288,98716,635649,2441,255,3144,210,180
BRL6861,186,576304,37224,7301,516,364
OTHER3996,418751,645177,393425,8612,351,318
ASIA/PACIFIC16,551,5875,882,8474,679,1995,213,40832,327,041
JPY5,873,45557,9691,845,6403,231,83311,008,897
CNY2,919,436290,176578,502284,6594,072,772
KRW186,4581,348,957158,78595,0331,789,233
HKD3,126,29933,5061,031,813175,2584,366,876
AUD1,995,75719,635390,415991,8773,397,684
OTHER42,450,1824,132,604674,044434,7487,691,579
OTHER51,156,27051,219214,339105,8241,527,653
EUR/non-USD2,620,06626,665666,956414,4883,728,175
OTHER6801,96518,610275,069235,6161,331,261
TOTAL39,757,7548,109,79811,173,91416,644,21075,685,675
      
1 Currency pairs having USD on one side are grouped into 4 geographic regions, namely Europe, Americas/Caribbean, Asia/Pacific, and Other.
2 Other major currencies in EUROPE region include SEK, NOK, DKK, PLN, and CZK.
3 Other major currencies in Americas/Caribbean region include MXN, CLP, COP, PEN, and ARS.
4 Other major currencies in Asia/Pacific include INR, TWD, SGD, NZD, and RUB.
5 Regions within the Other category include the Middle East and Africa.
6 Category includes currency pairs without USD or EUR leg. 
7 Top currency pairs for NDF not included above are USD versus INR, TWD, and IDR. 
8 Includes cross-currency and exotics. 

FX by Product & Tenor (Calendar Days)

Product0-3031-9091-180181-360360+Total
Swaps & Forwards8,634,03112,397,1909,180,0035,152,0344,394,49539,757,754
NDF1,249,1493,131,0491,604,9711,274,606850,0228,109,798
Options662,1932,035,2942,153,0052,982,4143,341,00811,173,914
OTHER*5,919119,523990,704619,80514,908,25916,644,210
TOTAL10,551,29217,683,05613,928,68310,028,86023,493,78375,685,675
       
* Includes cross-currency and exotics.

FX by Product, Participant Type & Cleared Status

 Swap Dealers/MSPsOthers
ProductClearedUnclearedClearedUncleared
Swaps & Forwards226,23356,852,49066022,436,125
NDF4,560,4658,270,961197,2223,190,948
Options1,296,87215,993,53205,057,424
OTHER*172,49328,377,25295,5074,643,168
TOTAL6,256,063109,494,234293,38935,327,665
     
* Includes cross-currency and exotics.
These tables show a weekly snapshot of gross notional amount outstanding. Individual tables break this down by product type, cleared status, tenor or currency. All numbers in the tables represent millions of USD. All tables include all participant types, tenors and currencies. For cleared swaps, these tables reflect only the legs held by the non-CCP counterparty; using this restriction, the numbers on this table are analogous to the notional value represented by futures open interest.
The Commission requests feedback on the format and content of this CFTC Swaps Report table. Submit comments to [email protected].