HUGE GROWTH IN DERIVATIVES Outstanding amount of open positions in OTC derivatives markets $525T 350 35x U.S. GDP 175 0 U.S. GDP 1995 1998 2001 2004 2007 Note: Outstanding amount is not a pure measure of risk as some positions are netted and have collateral; U.S. GDP was $13.8T in2007 Source: Bank for International Settlements