AmEx derivatives book grows on interest rate swap surge

- By Joshua Walker
- 25 Mar 2025

American Express swelled its derivatives book over the 18 months ending last year to levels not seen in seven years, with the portion cleared by a central counterparty climbing to its highest since 2018.

The credit card group quadrupled its notional holdings of interest rate swaps from $4.6 billion in Q2 2023 to $19 billion at the end of 2024, while FX forwards grew 18.1% over the same period to

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