The global over-the-counter (OTC) derivatives markets saw a broad-based decline in the second half of 2015, according to data released on Wednesday by Bank for International Settlements (BIS).

Both the notional and market value of outstanding OTC derivatives contracts fell in the second half, the BIS reports.

The notional amount of outstanding contracts fell by 11% during the period, and gross market values declined by 6% from US$15.5 trillion to US$14.5 trillion. The decline was concentrated in interest rate swaps, the BIS says.

Additionally, central clearing is on the rise, according to the data. In the wake of the financial crisis, policymakers have pushed for increased central clearing as part of the global effort to reform OTC derivatives markets to reduce systemic risks.

The share of credit default swaps booked with central counterparties rose to 34% at the end of 2015, the BIS reports, up from 31% in mid-2015, and up from less than 10% as of mid-2010.