Cleared swaps surged among US banks in 2018

Notional amounts of cleared derivatives outstanding across the eight US global systemically important banks (G-Sibs) climbed by $6.9 trillion (8%) in 2018, in contrast to bilateral notional volumes, which stayed flat year-on-year.

Total over-the-counter notionals across the eight dealers hit $196.3 trillion at end-2018. Of this amount, cleared notionals accounted for 49%, up from 47% of the end-2017 total.

Citi and Wells Fargo contributed the most to the overall increase in cleared notionals,

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