What the results show and what they don’t show The ISDA Market Survey is the longest-running global survey of over-the-counter derivatives, and has reported on privately-negotiated derivatives activity since 1987. The Survey began by reporting notional amounts outstanding of interest rate swaps and options, and added credit default swaps in 2001 and equity derivatives in 2002. The only known prior effort was a study by the Bank for International Settlements, which estimated notional amount of interest rate swaps for 1984 and 1985 (BIS 1986). ISDA surveys derivatives activity at ISDA Primary Member firms semiannually at mid-year and at yearend. Primary Members are institutions that deal in OTC derivatives, where “deal in ” means to use derivative
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