UK derivatives market accelerates decline

The bulk of the quarterly reduction came from swaps held by UK banks with cross-border counterparties

The gross mark-to-market value of all derivatives contracts held by UK banks is at its lowest since end-2019, Bank of England data shows, after the fourth consecutive quarter of decline.

As of end-March, the value of gross derivatives – assets plus liabilities – stood at £5.4 trillion ($7.7 trillion), down almost 16% on December. Over the past 12 months, these portfolios have shrunk 33%. 

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