The BIS released its much-anticipated semiannual report on OTC derivatives today. It measures notional amounts and gross market values outstanding of OTC derivatives as of December 31, 2008. For the credit default swap (CDS) market, the gross market value—which measures "the cost of replacing all existing contracts and [is] thus a better measure of market risk than notional amounts outstanding—is $5.7 trillion. The total notional CDS outstanding fell to $41.9 trillion. The gross market value of single-name CDS is $3.7 trillion, and the total notional single-name CDS outstanding is $25.7 trillion. The gross market value of multi-name CDS is $1.96 trillion, and the total notional multi-name CDS outstanding is $16.1 trillion. Read the whole report.