The figure of $273 trillion is the sum of the total notional amounts of exchangetraded and over-the-counter derivatives contracts at the end of June 2004, as calculated by the Bank for International Settlements (2004, p. 10, table A2). The Bank's estimate of the gross market value corresponding to the $220 trillion over-the-counter portion of this total is $6.4 trillion: the gross market value is the sum "of the absolute values of all open contracts with either positive or negative replacement values evaluated at market prices prevailing at the reporting date" (Bank for International Settlements 2003, p.

Donald MacKenzie, An Engine, Not a Camera, loc. 1380