Goldman, Morgan Stanley led US dealers on equity swaps in 2020

Goldman Sachs had the largest equity swaps portfolio of Wall Street dealers in 2020, with $637.3 billion of notional outstanding as of end-December, more than Citi and Bank of America combined. This portfolio grew over $76 billion (14%) over the last three months of the year alone.

Total equity derivatives notionals across all instrument types held by the bank stood at $2.08 trillion as of end-2020, roughly flat on the year prior.

Morgan Stanley had the second-largest amount of equity swaps on

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