US banks’ CDS books shrink $2 trillion in two years 

Systemically risky US banks shed more than 40% of sold credit default swap (CDS) notional in two years, Risk Quantum analysis shows.

The aggregate effective notional amount of credit protection sold by the eight US global systemically important banks (G-Sibs) fell by $1.9 trillion (41%) to $2.8 trillion at the end of the third quarter of 2018, from two years ago, when public disclosure of these values began. 

Of the eight G-Sibs still with an active credit-protection selling business,

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