And growing fast. The Doomsday Machine is loaded and fully protecting the TBTF banks in the safe Nash Equilibrium of MAD and we’re finally back above pre-Lehman levels with a great year for dealers, 21.4% y/y growth! Someone’s getting some nice bonuses for Xmas.
Source: http://www.bis.org/statistics/otcder/dt1920a.pdf (Updated last month, through June-2011). The current release doesn’t go back before the crisis, so here are some additional datapoints on the total notional:
end-2008: $598,147 (+0.4% y/y)
mid-2008: $683,814 (so Lehman and AIG meant almost $100 trillion of notional got vaporized as 2 large counterparties sank into the depths)
end-2007: $595,738 (+43% y/y)
end-2006: $414,845 (+39.4%)