Derivative notionals among US hedge funds swelled by $1.2 trillion in 2013 and 2014, according to new data from the Securities and Exchange Commission (SEC) – but that headline growth represented an effective decrease in the value of outstanding OTC contracts relative to total net assets held by US private funds.
“Although the total notional value of derivatives reported on Form PF has increased from about $13.6 trillion to about $14.8 trillion, that value has decreased relative to total net
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