Absolutely correct. Notional is an absolutely meaningless figure. If anything it is comparable to the total notional of derivatives ever traded: contracts are r

Absolutely correct. Notional is an absolutely meaningless figure. If anything it is comparable to the total notional of derivatives ever traded: contracts are rarely torn up (1), more usually offsetting derivatives are entered into in order to cut the exposure. And anyway notional tells you nothing about the risk or exposure. 1bn of 30y is a lot riskier than a 1bn of 1y etc. 1 - End customer trades do sometimes get torn up. Also trade compression services between street counterparts also result in bulk tear-ups from time to time. But still the vast majority of trades are legacy and largely offset each other.