The gross fair value of derivatives held by systemic US banks ended 2018 lower than a year prior. Part of the decline is likely attributable to the effect of the settled-to-market (STM) model for cleared derivatives adopted by many firms last year.

#### Risk Management

###### Quant grad conveyor belt stalls as banks retrench

Jobs market is long quant graduates, short vacancies – but hiring freeze shows signs of thawing

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