The value of outstanding derivatives (notional amounts) grew by 2% year on year (yoy) at end-June 2024. Amounts fell by 6% in the second half of 2023 and increased by 9% in the first half of 2024, in keeping with a seasonal saw-tooth pattern. The notional value of foreign exchange (FX) swaps and forwards rose in the first half of 2024. Contracts with the yen on one side saw particularly strong growth (13% yoy in dollar terms and 26% in yen terms). The notional value of interest rate derivatives remained flat, but their gross market value declined for a third consecutive reporting period, by 17% yoy. […]