The notional value of outstanding OTC derivatives reached $715 trillion at end-June 2023, up 16% (or $97 trillion) since end-December 2022 (Graph 1.A). This rise was in part a result of seasonal factors, particularly evident since 2016, whereby decreases in notional outstanding amounts before the end of each calendar year are followed by a subsequent rebound. Such end-of-year contractions can occur if reporting dealers shrink their outstanding notional derivative positions for regulatory and financial reporting purposes. […]