The Bank for International Settlements has released its semi-annual report on over-the-counter derivatives, which shows a decline in global trading volumes. Regulatory reform likely contributed to the decline, according to the BIS. From June to December of last year, notional outstanding volume of OTC derivatives dropped to $633 trillion. The report found that notional outstanding for credit default swaps contracts declined nearly 7%. "Overall notional CDS amounts continued to slip as a result of stricter bank risk limits, rising concerns over the U.S. fiscal cliff and sovereign credit downgrades," said Zohar Hod of SuperDerivatives.