Interest rate swaps powered Q1 derivatives boom at top US banks

Aggregate interest rate derivatives notionals held by the eight too-big-to-fail US banks climbed 22% in the first three months of 2020 to $177.23 trillion. Swap notionals increased 20% to $106.97 trillion, and forwards a whopping 89% to $29.77 trillion. 

JP Morgan posted the largest quarter-on-quarter increase of the US global systemically important banks (G-Sibs), growing interest rate derivatives notionals by $10.7 trillion (+33%) to $43.4 trillion.

Bank of America followed with a $7.4

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