Holy Crap. $500 Trillion in Derivatives Notionals? After Tear-ups?

I thought tear-ups were supposed to reduce the notional monster. (At least that was the hope when I edited RISK magazine 15 years ago….) If tear-ups have been happening in the background, the rate of new contract generation has been truly obscene.

via $500 Trillion in Derivatives “Remain an Important Asset Class”: Hilariously, the New York Fed | Wolf Street