Swap book values of US G-Sibs dropped in 2018
Settled-to-market technique responsible for some deductions year-on-year
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.
Total derivatives values, the fair values of derivatives assets and liabilities combined, fell 6% to $3.9 trillion year-on-year at the eight US global
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