Flow, Not Stock
Every financial statement so far has been a snapshot of a MOMENT (end of 2025) - how many assets the world holds, how much it owes. This page answers a different question: how much trading volume (flow) occurs in financial markets DURING the year - FX, interest rate derivatives, equities, equity derivatives, crypto, commodities, credit derivatives (CDS), bonds, repo, hedge funds, insurance, real estate (commercial and residential), mortgages.
FX and interest rate derivatives are measured as a DAILY average (from the BIS's Triennial Central Bank Survey) - multiplied by the standard 250-business-day assumption to get an annual equivalent. Equities, bonds, CDS, and insurance are already published as annual flow. Repo is a different type of metric (daily open position) - shown separately, not annualized. The "Show Details" link under each card opens the geographic scope, product scope and other details.
38,94 T $
Total Average Daily Flow
9.735,00 T $
Total Average Annual Flow
Annual Equivalent (x250 business days)
2.429,40 T $
Market Coverage Ratio
Unknown
Source Countries' Share of World GDP
%90,24
Show Details
FX Swap4,00 T $
Spot3,00 T $
Outright Forward1,80 T $
Option0,70 T $
Currency Swap0,20 T $
Exchange-Traded FX Derivatives0,21 T $
Geographic Scope
The 52 participating jurisdictions of the BIS 14th Triennial Survey: Argentina, Australia, Austria, Bahrain, Belgium, Brazil, Bulgaria, Canada, Chile, China, Chinese Taipei, Colombia, Czechia, Denmark, Finland, France, Germany, Greece, Hong Kong, Hungary, India, Indonesia, Ireland, Israel, Italy, Japan, Korea, Lithuania, Luxembourg, Malaysia, Malta, Mexico, Netherlands, New Zealand, Norway, Peru, Philippines, Poland, Portugal, Romania, Saudi Arabia, Singapore, Slovakia, South Africa, Spain, Sweden, Switzerland, Thailand, Turkey, the UAE, the UK, the US (90.24% of world GDP).
Market Scope
All products (FX Swap, Spot, Outright Forward, Option, Currency Swap + Exchange-Traded FX Derivatives).
Data Freshness
April 2025 (BIS Triennial Survey, conducted every 3 years).
Details
Annualized assuming 250 business days - BIS itself reports a daily average (the survey measures the average of 'a sample April day'); this is a ROUGH assumption: the true year-long total may deviate depending on seasonality (year-end/year-start dips, spikes during crisis periods).
Interest Rate Derivatives
Annual Equivalent (x250 business days)
6.317,80 T $
Market Coverage Ratio
Unknown
Source Countries' Share of World GDP
%90,24
Show Details
Overnight Index Swap (OIS)5,10 T $
Other Interest Rate Swap1,90 T $
Forward Rate Agreement (FRA)0,62 T $
Interest Rate Option0,25 T $
Exchange-Traded Interest Rate Derivatives17,42 T $
Geographic Scope
The same 52 participating jurisdictions of the BIS 14th Triennial Survey (identical to the full list on the FX card) - 90.24% of world GDP.
Market Scope
All products (Overnight Index Swap, Other Interest Rate Swap, Forward Rate Agreement, Interest Rate Option + Exchange-Traded Interest Rate Derivatives).
Data Freshness
April 2025 (BIS Triennial Survey, OTC) + December 2025 (BIS Quarterly Review, exchange-traded).
Details
Annualized assuming 250 business days - the same ROUGH assumption applies as on the FX card. OTC and exchange-traded figures come from separate sources and are summed; they are shown separately in the breakdown.
Daily Average (annual ÷ 250)
0,74 T $
Market Coverage Ratio
%89,5
Source Countries' Share of World GDP
Unknown
(For comparison: instantaneous market value 141,24 T $)
Show Details
2024-1014,43 T $
2024-1115,14 T $
2024-1214,37 T $
2025-0112,40 T $
2025-0214,46 T $
2025-0315,90 T $
2025-0416,28 T $
2025-0514,11 T $
2025-0615,54 T $
2025-0717,22 T $
2025-0816,44 T $
2025-0918,23 T $
Geographic Scope
WFE member exchanges (250 exchanges) - WFE does not publish a country-by-country list, only a regional membership breakdown: 39% Asia-Pacific, 42% Europe/Middle East/Africa, 19% Americas (by member COUNT, not weighted by GDP/volume).
Market Scope
All (equity cash trading volume).
Data Freshness
October 2024 - September 2025 (monthly series, trailing 12-month sum).
Details
Comparing WFE's own reported market capitalization ($141.2T) against SIFMA's INDEPENDENT 'Global Equity Market Capitalization' estimate ($157.8T, 2025), WFE captures roughly 90% of world market capitalization - the market coverage percentage was calculated this way.
Daily Average (annual ÷ 250)
0,33 T $
Market Coverage Ratio
Unknown
Source Countries' Share of World GDP
%66,36
Show Details
India (NSE)7,33 T $
Japan (JPX)12,99 T $
US (Cboe - options only, all 12 exchanges)7,95 T $
Europe (Eurex)24,63 T $
China (CFFEX)23,58 T $
Korea (KRX - index + single-stock products)6,32 T $
Geographic Scope
India, Japan, the US, Europe (Eurex - pan-European EURO STOXX 50/DAX/ATX/STOXX Europe 600 etc.), China (CFFEX - CSI 300/500/1000, SSE 50), Korea (KRX - index + single-stock products) - the BSE (India's 2nd exchange) and other major exchanges excluded.
Market Scope
Partial - index/stock options (premium turnover) + futures (turnover). US index futures such as CME's S&P 500 e-mini not yet added. In China, ONLY index products exist - CFFEX has no single-stock futures or options. In Korea, KOSPI200+MINI+KOSDAQ150+KRX300+Sector Index (futures+options) and single-stock+ETF futures+stock options are included.
Data Freshness
India: FY25 (April 2024-March 2025) - Japan: 2025 (full year) - US: 2025 (February-December, 11-day sample) - Europe: 2025 (full year, 253 trading days) - China: 2025 (full year, 12 months) - Korea: 2025 (full year).
Details
For options, PREMIUM TURNOVER (money actually paid) was used, not NOTIONAL (theoretical/leveraged exposure) - had notional been used, this figure would come out far larger (NSE+BSE combined reported a notional turnover of ₹106 quadrillion in FY25, $1,250T/year - but this carries the same problem as the misleading '$600T notional' headline figure for OTC derivatives, and does not reflect actual cash flow). India (NSE): Index Options+Stock Options (premium turnover)+Futures (turnover) = $7.33T. Japan (JPX): its own official 'Trading Value' data, ONLY equity/index products - JGB/TONA interest rate derivatives (already on the Interest Rate Derivatives card) and Gold/Platinum/Rubber/Electricity/Oil (commodities) were EXCLUDED to avoid double counting = $12.99T (JPX's own year-end 2025 press release total for ALL derivatives, '¥3,742 trillion,' matches our total across ALL products, '¥3,749T,' almost exactly, confirming data integrity). US (Cboe): its own official 'Net Option Premium' data (even though the tab on Cboe's site is labeled 'Notional Value,' its own official definition is 'execution price × contract quantity × shares deliverable' - i.e. genuinely PREMIUM, not notional) = $7.95T. Europe (Eurex): its own official monthly statistics file has TWO SEPARATE columns - 'Capital Volume EUR' (notional/turnover for futures) and 'Paid Premiums' (the ACTUAL premium paid for options, the per-contract figure confirmed to fall within a realistic option price for the DAX/EURO STOXX 50) = $24.63T. China (CFFEX): pulled month-by-month for 12 months from its own official AJAX data endpoint - for futures, the turnover/volume ratio was confirmed against index level × the official multiplier (turnover); for options, the turnover/volume ratio came out to 1-2% of the index, confirming it is premium = $23.58T - the card's 2nd-largest item after Europe, with government bond futures excluded. Korea (KRX): official '[45002] Stock Index/Single Stocks' CSV data downloaded by the user with their own KRX Data Marketplace account (full year 2025 - index futures+options, single-stock+ETF futures, stock options) - the per-contract premium value came out to 0.4% of notional, confirming it is real premium = $6.32T. The world's largest derivatives exchange by contract COUNT is NSE (WFE 2025: 88.9% of stock index options trade on NSE). The real-world total is certainly larger than this figure.
Cryptocurrency Trading Volume
Daily Average (annual ÷ 365)
0,26 T $
Market Coverage Ratio
%100
Source Countries' Share of World GDP
Unknown
Show Details
Geographic Scope
Recognizes no borders - the world's crypto exchanges (as comprehensively claimed by CoinGlass itself).
Data Freshness
2025 (annual average daily volume).
Details
Annualized using 365 days (DELIBERATELY different from the 250-business-day assumption used for other categories) - crypto markets trade 24/7 without regard for weekends or public holidays. Since crypto markets recognize no national borders, the concept of 'source countries' share of world GDP' is meaningless here and was not calculated.
Annual Equivalent (x250 business days)
158,60 T $
Market Coverage Ratio
Unknown
Source Countries' Share of World GDP
%61,52
Show Details
Energy (WTI, Brent, NatGas, Heating Oil - CME/ICE)0,21 T $
Metals (Copper, Aluminum, Zinc, Nickel, Lead, Tin - LME)0,08 T $
Agriculture (Corn, Soybeans, Wheat, Soybean Oil - CME/CBOT; +Euronext Europe)0,04 T $
China (CZCE Exchange, 21 products - agriculture+industrial)0,05 T $
China (SHFE Exchange - Gold, Silver, Copper, Steel, etc., metals+energy)0,15 T $
China (INE - Shanghai International Energy Exchange, an SHFE subsidiary - crude oil, etc.)0,02 T $
China (DCE Exchange - Soybeans, Corn, Iron Ore, Coking Coal, etc.)0,06 T $
China (GFEX Exchange - Lithium Carbonate, Polysilicon, Platinum, Palladium)0,02 T $
Geographic Scope
US, UK, Euro Area, Norway, China (the exchanges' main countries of operation - 61.52% of world GDP).
Market Scope
Partial - Energy (WTI, Brent, Henry Hub, ULSD) + Metals (LME's 6 metals) + Agriculture (Corn, Soybeans, Wheat, Soybean Oil + Euronext) + China (CZCE's 21 products: agriculture such as Cotton, White Sugar, Rapeseed Meal/Oil + industrial/chemical commodities such as Glass, Soda Ash, Caustic Soda, PTA, Methanol; SHFE - Gold/Silver/Copper/Aluminum/Zinc/Nickel/Lead/Tin/Steel + energy; INE - crude oil, etc.; DCE - Soybeans/Corn/Iron Ore/Coking Coal, etc.; GFEX - Lithium Carbonate/Polysilicon/Platinum/Palladium). COMEX Gold/Silver is still COMPLETELY EXCLUDED - precious metals are currently only partially covered via SHFE (China).
Data Freshness
2025 (exchanges' own ADV/full-year data + World Bank/EIA 2025 average price; Chinese exchanges full year).
Details
WFE/FIA only give CONTRACT COUNT for commodity derivatives (not USD), so a self-calculated approach was built: exchange-reported volume × standard contract size × average price. Energy = $0.21T/day, Metals = $0.08T/day, Agriculture = $0.04T/day. For all of the Chinese exchanges (CZCE+SHFE+INE+DCE+GFEX), no price calculation was needed - the RMB TURNOVER published directly by the exchanges was used = $76.12T/year total - the CZCE sub-item was confirmed almost exactly against an independent source (Sina Finance, ¥88.96T; our own calculation came to ¥88.75T), while SHFE/INE/DCE/GFEX came not from the exchanges' own sites but from the China Futures Association's (CFA) official monthly bulletin (the exchanges' own sites are still blocked by CAPTCHA/WAF). The real-world total is certainly larger than this figure.
Daily Average (annual ÷ 250)
0,17 T $
Source Countries' Share of World GDP
Unknown
Show Details
Index CDS39,00 T $
Single-Name CDS2,80 T $
Geographic Scope
Not specified - the DTCC Trade Information Warehouse is a global central registry; no country-level breakdown is published.
Market Scope
All (Index CDS + Single-Name CDS).
Data Freshness
2025 (full year).
Details
ISDA's own claim is that this covers 98% of world CDS transactions.
Daily Average (annual ÷ 250)
0,12 T $
Market Coverage Ratio
%100
Source Countries' Share of World GDP
Unknown
Show Details
Geographic Scope
The whole world - SIFMA's 'Total' column covers every country by design: 9 major countries/regions shown separately (Australia, Canada, China, the EU, Hong Kong, Japan, Singapore, the UK, the US), with every remaining country in the unnamed 'Developed Markets (DM)' and 'Emerging Markets (EM)' lines.
Market Scope
All - new borrowing/issuance (long-term fixed income securities - corporate, municipal, sovereign). Not the existing/outstanding bond stock, but NEW bonds issued during the year.
Data Freshness
2025 (full year).
Details
The full country list underlying the DM/EM lines is not published by SIFMA (it is Bloomberg/Refinitiv's own classification) - so 'source countries' share of GDP' could not be calculated independently; market coverage rests on the table's own design (no country left out), not on independent verification.
Daily Average Open Position
31,90 T $
Market Coverage Ratio
Unknown
Source Countries' Share of World GDP
%61,44
Show Details
Europe (ICMA survey)15,84 T $
US (OFR)12,60 T $
China (PBoC/CAMLMAC)1,79 T $
Japan (BOJ)1,71 T $
Geographic Scope
US, Europe (Euro Area), Japan, China (4 major regions) - emerging markets such as India, Korea, etc. excluded. 61.44% of world GDP.
Market Scope
All, for these 4 regions - repo market outstanding exposure.
Data Freshness
US: 2025-Q3 - Europe: December 2025 - Japan: end of July 2025 - China: 2025 year-end.
Details
This is NOT a DAILY TURNOVER figure - it is the average OUTSTANDING EXPOSURE, not annualized ×250 days, and not included in the total (because repo is mostly overnight, stock and daily new-transaction volume are intertwined and there is no clean turnover figure). Each region was converted from its own currency to USD at the August-2026 rate, so summing across regions carries a small exchange-rate/timing inconsistency.
Quarter-End Open Position (GNE)
39,10 T $
Market Coverage Ratio
Unknown
Source Countries' Share of World GDP
%26
Show Details
Gross Notional Exposure (GNE)39,15 T $
Gross Asset Value (GAV)12,57 T $
Net Asset Value (NAV)4,84 T $
Geographic Scope
US only (large 'Qualifying Hedge Funds' that file Form PF with the SEC).
Market Scope
All, for this subset - excludes small funds and non-US-registered funds (e.g. Cayman Islands, a significant share of global hedge fund assets per the FSB).
Data Freshness
2025-Q4 (December 31, 2025).
Details
This is NOT an ANNUAL TURNOVER figure - it is the quarter-end OUTSTANDING EXPOSURE, not annualized and not included in the total. Gross Notional Exposure (GNE) is the sum of the absolute value of long+short positions - a leveraged/gross exposure figure, not actual cash flow (a warning similar to the 'notional vs. premium' issue on the Equity Derivatives card).
Daily Average (annual ÷ 250)
0,03 T $
Market Coverage Ratio
%100
Source Countries' Share of World GDP
Unknown
Show Details
Life Insurance3,10 T $
Non-Life (P&C)2,40 T $
Geographic Scope
Worldwide per Swiss Re's own claim (published as a 'World' total) - the previous sigma edition (No 3/2024) stated 'examined in 147 countries' (only the largest 88 individually named, the remaining 59 small markets hidden in regional total lines), but this sentence is not repeated in the most recent (No 2/2025) edition.
Market Scope
All (Life Insurance + Non-Life/P&C).
Data Freshness
2024 (full year).
Details
Market coverage rests on the source's own 'World' label (assumed 100%), not independent verification - the full country list is not shared by Swiss Re.
Daily Average (annual ÷ 250)
0,00 T $
Source Countries' Share of World GDP
%71,45
Show Details
Geographic Scope
16 countries: Australia, Canada, China, France, Germany, Hong Kong, India, Italy, Japan, the Netherlands, Singapore, South Korea, Spain, Sweden, the UK, the US (71.45% of world GDP; per Savills' own claim, >90% of world commercial investment).
Market Scope
Partial - ONLY commercial real estate investment, residential sales excluded (separate card).
Data Freshness
2025 (Q1-Q3 actual + Q4 estimate).
Details
Although real estate is intuitively a huge asset class, this ends up as one of the smallest items on this list because its ANNUAL TURNOVER RATE is low.
Daily Average (annual ÷ 250)
0,01 T $
Market Coverage Ratio
Unknown
Source Countries' Share of World GDP
%42,47
Show Details
China (NBS, residential sales value)1,09 T $
US (NAR, 4.06M units × median price)1,68 T $
Geographic Scope
China, US (2 countries, 42.47% of world GDP).
Market Scope
All, for these 2 countries - residential sales. Other major markets such as the UK, Japan, Germany, India excluded.
Data Freshness
2025 (full year).
Details
The US figure is NAR's 4.06 million existing-home sales × $414,400 median price (NAR itself does not publish a $ total, so this is our own calculation; using median price likely leads to an UNDERESTIMATE because the price distribution is right-skewed). The UK was researched but HMRC/Land Registry does not publish a total £ value (only transaction count + a price index) - excluded.
Daily Average (annual ÷ 250)
0,01 T $
Market Coverage Ratio
Unknown
Source Countries' Share of World GDP
%44,6
Show Details
Euro Area (ECB, sum of 12 months of 2025)1,08 T $
UK (UK Finance, gross mortgage turnover)0,38 T $
US (NY Fed/Equifax Consumer Credit Panel, sum of 4 quarters of 2025)1,92 T $
Geographic Scope
Euro Area, UK, US (3 regions, a large share of world GDP) - China excluded.
Market Scope
All, for these 3 regions - new housing loans (gross origination). China excluded.
Data Freshness
Euro Area/UK: 2025 (full year, sum of 12 months). US: 2025 (full year, sum of 4 quarters - Q4 data was published in February 2026).
Details
For the US, instead of MBA (a lender-survey estimate), the 'mortgage originations' series based on the NY Fed's own credit-bureau data (Equifax, actual/measured - not an estimate) was used - includes both new purchases and refinancing, gross new lending (not the change in balance). The NY Fed's Consumer Credit Panel is based on a 5% sample of US individuals' Equifax credit files, scaled to the national level - not a full census, but unlike MBA's survey-based estimate, it rests on real credit records. China (PBoC) was researched but only the NET change was found (NEGATIVE in 2025), no gross new-lending figure is published.
Government Bond Trading Volume
Annual Equivalent (x250 business days)
342,20 T $
Market Coverage Ratio
Unknown
Source Countries' Share of World GDP
%64,82
Show Details
US (SIFMA)1,05 T $
Europe (ICMA, Italy/Germany/France/UK/Spain/EU + 25 countries)0,22 T $
Japan (JSDA)0,04 T $
China (CCDC, 国债/central government bonds only)0,06 T $
Geographic Scope
US + Europe (Italy/Germany/France/UK/Spain/EU + 25 smaller countries) + Japan + China (a large majority of world GDP in total) - but other major government bond markets such as Canada and Australia not included.
Market Scope
Government bond secondary-market buying/selling (cash/outright, repo excluded).
Data Freshness
US: January-November 2025 average. Europe: 2025 H1 (January-June), annualized ×2 for the full year. Japan: FY2025 (April 2025-March 2026). China: 2025 (full year).
Details
The US figure is not a DIRECTLY published 2025 full-year figure - it was derived from SIFMA's own final 2024 full-year ADV figure ($907.9 billion), applying SIFMA's own stated 'up 16% year-over-year as of January-November 2025' growth rate. The Europe figure was annualized ×2 from ICMA's H1 2025 total ($36,572 billion across all issuers, of which $12,767.9 billion was US Treasury bonds, which was SUBTRACTED to avoid DOUBLE COUNTING) - per ICMA's own statement, this covers >80% of EU+UK transactions. The Japan figure uses ONLY the JSDA's official 一般売買 (outright/cash) column, EXCLUDING 現先 (repo) - a one-sided (sell-side) figure, cross-checked against the buy-side (which came out almost exactly equal). The China figure comes from CCDC's own official 2025 report - ONLY the 国债 (central government bond) cash settlement volume ($96.17 trillion CNY), with policy bank bonds (51.57% share) and local government bonds (7.87% share) kept SEPARATE and excluded, and repo also excluded - cross-checked against CCDC's own stated turnover ratio (238.11%), no double counting.
Daily Average (annual ÷ 250)
0,00 T $
Market Coverage Ratio
Unknown
Source Countries' Share of World GDP
%15,22
Show Details
Geographic Scope
EU only (EU ETS - 15.22% of world GDP) - the world's largest carbon market.
Market Scope
EUA (EU Allowance) trading - transactions reported across all venues under the EU Emissions Trading System (ICE, EEX, etc.).
Data Freshness
2025 full year (from ESMA's annual report published in July 2026).
Details
€777 billion (13.8 billion tons of CO2-equivalent, 4.4 million transactions) - up 9% from 2024, but volume stayed relatively flat, with the increase driven mainly by rising prices. Converted at a EUR/USD rate of 1.16. The UK (UK ETS) and California (WCI) were also researched - both only had figures for the PRIMARY MARKET (auction) total (£2.56 billion/2024 for the UK, $5.55 billion/2025 for California), not added because they are not comparable to the EU ETS's SECONDARY MARKET (exchange/OTC) turnover. Other major carbon markets such as China's national ETS are also not included - the real-world total is larger than this figure.
Art and Collectibles Market
Daily Average (annual ÷ 250)
0,00 T $
Market Coverage Ratio
%100
Source Countries' Share of World GDP
Unknown
Show Details
Gallery / Dealer Sales34,80 T $
Public Auction20,70 T $
Private Auction4,20 T $
Geographic Scope
Worldwide per the report's own claim (the US alone accounts for 44% - the single largest market).
Market Scope
Fine art sales - gallery/dealer + public auction + private auction. Other collectibles categories such as rare books, wine, and jewelry are not included.
Data Freshness
2025 full year (report published March 2026).
Details
Small relative to the other cards, but a real, regularly (annually) measured market, and the only comprehensive art-market report widely considered the world's reference source. Market coverage rests on the source's own 'world total' claim (assumed 100%), not cross-checked against an independent second source.
Card and Digital Payment Volume
Daily Average (annual ÷ 250)
0,11 T $
Market Coverage Ratio
Unknown
Source Countries' Share of World GDP
Unknown
Show Details
Visa (total payments + cash volume, FY2025)17,00 T $
Mastercard (gross dollar volume, 2025)10,60 T $
Geographic Scope
Worldwide (both Visa and Mastercard operate in over 200 countries/territories) - but China's dominant domestic network, UnionPay, not included.
Market Scope
Partial - ONLY Visa+Mastercard. All card-based payment + cash withdrawal volume (Visa's 'total payments and cash volume,' Mastercard's 'gross dollar volume' - both cover purchases + cash transactions, comparable).
Data Freshness
Visa: FY2025 (October 1, 2024 - September 30, 2025). Mastercard: 2025 calendar year (January 1 - December 31, 2025).
Details
American Express ($1.75T), Discover ($253B), JCB ($319B) - from Visa's own 2024 competitor-comparison table (CY2024, Payments Volume) - not included. UnionPay (China) does not appear in the table at all since it does not publish comparable data, but is likely the world's largest network by card COUNT - the real-world total is certainly larger than this figure.
Private Equity Deal Volume
Daily Average (annual ÷ 250)
0,00 T $
Market Coverage Ratio
Unknown
Source Countries' Share of World GDP
Unknown
Show Details
Geographic Scope
Worldwide (per Bain's own comprehensive global PE market analysis).
Market Scope
Partial - ONLY buyout deal value, add-ons excluded. Other PE sub-types such as growth equity/venture capital not included.
Data Freshness
2025 full year (from Bain's report published in February 2026).
Details
The 44% increase in 2025 was driven by mega-deals (including Electronic Arts' record $56.6 billion public-to-private deal) - the NUMBER of deals actually fell 6% (3,018 deals). Per PitchBook's broader 'total PE deal activity' definition (including growth equity), this exceeded $2T in 2025, but that uses a different methodology and is not directly comparable.
Daily Average (annual ÷ 250)
0,03 T $
Market Coverage Ratio
%100
Source Countries' Share of World GDP
Unknown
Show Details
Geographic Scope
Worldwide (per the OECD's own 'Global Debt Report' coverage).
Market Scope
Corporate loans originated via syndication (a bank consortium) - new origination/issuance. Bond issuance (separate card) or bilateral bank loans not included.
Data Freshness
2025 full year (from the OECD's report published in March 2026).
Details
The same report's year-end OUTSTANDING POSITION (stock) figure is $23.1T (syndicated loans outstanding) - the $7T on our card is the NEW ISSUANCE of this, not the stock. 2025 corporate bond issuance ($6.8T, same report) does not overlap with our SIFMA-sourced Bond Issuance card ($29.9T, world total across all bond types) - a syndicated loan is a bank loan, not a bond.
Markets Not Yet Covered
Categories that don't overlap with the 20 markets above, that have been identified as real and sourceable, but whose data hasn't been processed yet. Contains no figures - just a scope list.
Venture Capital Deal VolumeNot Yet Added
Why It's Missing
Venture capital investment volume - not addressed at all yet.
Mutual Fund / ETF Net FlowsNot Yet Added
Why It's Missing
Not in the original Excel list; fund inflows/outflows are an important indicator of market liquidity.
Validation: The FX+Interest Rate Derivatives daily total is $34.99T - in the same order of magnitude as the "$40T/day" claim in the Layer3 Overview page's own narrative (formerly part of the Layer2 Overview). This script verifies that claim for the first time with real, sourced data.
Known limitation: The Commodities category covers Energy (4 contracts, CME+ICE) + Metals (6 metals, LME) + Agriculture (4 contracts CME/CBOT + Euronext/MATIF Europe total) + China (CZCE's OFFICIAL year-end bulletin, 21 products) - 36 contracts/products in total. Because CZCE's own official turnover was used directly (no price estimate needed), this is the most reliable sub-item. COMEX Gold/Silver (CME does not publish product-level annual ADV) and SHFE/DCE (Shanghai and Dalian - China's other 2 major exchanges besides CZCE, together accounting for 79% of world contract COUNT per WFE; multiple methods were tried this session, including direct requests, curl, and a headless browser, all blocked by CAPTCHA/WAF) are COMPLETELY excluded, because neither WFE/FIA nor these exchanges themselves publish a USD total (only contract count, and contract sizes differ too much for a reliable conversion). The real-world commodity derivatives volume is certainly larger than this figure. Repo now covers 4 major regions (US+Europe+Japan+China) but small/emerging markets (India, Korea, etc.) are still excluded, and it could not be converted to the same 'annual flow' unit as the other categories (see the Repo card's own note). Commercial Real Estate covers ONLY commercial investment, while Residential Real Estate covers ONLY China+the US - these are two separate cards (see their own notes). Equity Derivatives now covers India (NSE) + Japan (JPX) + the US (Cboe, options only, 11-day sample) - NSE is the world's largest derivatives exchange by contract COUNT (WFE 2025: 88.9% of stock index options trade on NSE); but the BSE (India's 2nd exchange), CME's US index FUTURES (S&P 500 e-mini etc. - not yet added) and other major exchanges such as Eurex/OCC/KRX either don't publish premium turnover or were inaccessible this session (KRX's official data portal is JS-based, basic statistics could not be scraped) - so a global total could not be constructed, and the real-world total is certainly larger than this figure. The Hedge Fund card covers ONLY large 'Qualifying Hedge Funds' filing Form PF with the SEC in the US (OFR's own official API) - small funds and non-US-registered funds (a significant share of global hedge fund assets per the FSB, held in offshore centers such as the Cayman Islands) are excluded; also, the figure shown (GNE) is an OPEN POSITION, not a flow - the same logic as the Repo card. The Mortgage (New Housing Loans) card covers ONLY the Euro Area+the UK - the US, the world's single largest mortgage market, was left OUT because no finalized official 2025 figure could be found (MBA's PDF archives were inaccessible, and estimate revisions were also very inconsistent); China is also excluded because it only publishes the NET (negative) change. The main remaining gap, aside from hedge fund activity (now partially covered), is now smaller - but all of these cards are still PARTIAL, not a world total.