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 systemically important banks (G-Sibs).

The value of Goldman Sachs' swaps book dropped the most of

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