The total notional amount of all the outstanding positions at the end of June 2004 stood at $53 trillion (source: Bank for International Settlements (BIS): [1]).
US: Figures below are from the second quarter of 2008 [6] Archived 2007-12-26 at the Wayback Machine Positions in the OTC derivatives market have increased at a rapid pace since the last triennial survey was undertaken in 2004.
Notional amounts outstanding of such instruments totalled $516 trillion at the end of June 2007 (according to the Bank for International Settlements [7]), 135% higher than the level recorded in the 2004 survey (Graph 4).
Notional amounts outstanding provide useful information on the structure of the OTC derivatives market but should not be interpreted as a measure of the riskiness of these positions.
Credit default swaps (CDSs), financial instruments traded on the over the counter derivatives markets, and mortgage-backed securities (MBSs), a type of securitized debt were notable contributors.
[4][5] The leveraged operations are said to have generated an "irrational appeal" for risk taking, and the lack of clearing obligations also appeared as very damaging for the balance of the market.