The notional amount of OTC derivatives declined modestly in the second half of 2021, to $600 trillion. The gross market value and gross credit exposure also fell during the period. Amid rising prices for commodities, the gross market value of commodity derivatives rose by 30% during the second half of 2021. The notional amount of forward rate agreements (FRAs) contracted sharply in the second half of 2021, as investors prepared for Libor benchmarks to be phased out at the year-end. Central clearing rates remained stable for both interest rate derivatives (IRDs) and credit default swaps, standing at a respective 78% and 62% of notional amounts.