CDS sold by US banks down $55bn in Q1

Large US banks reduced the amount of sold credit default swaps (CDS) on their books in the first three months of the year, reversing the previous quarter’s growth.

Aggregate effective notional amounts of credit protection sold by the eight US global systemically important banks (G-Sibs) fell by $54.7 billion (1.9%) to $2.78 trillion in Q1 2019, all but erasing the overall increase reported at end-2018.

The reduction was even more significant on a yearly basis, with total CDS notionals falling

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