Credit valuation adjustments (CVA) contributed $302 million – 5% – to JP Morgan’s first half trading revenues of $6.3 billion, the most of the six largest US banks.
Debit valuation adjustment (DVA) added a further $75 million, taking the total contribution of derivatives valuation adjustments (XVA) to the bank’s trading revenues to 6%.
Over the three months to end-March, XVAs made up just $38 million, or 1%, of the bank’s trading revenues of $4.18 billion, and CVA actually deducted $17
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