UK bank derivatives exposures rose by £38bn in Q3

FX contracts drove the overall increase

The gross mark-to-market value of all derivatives contracts held by UK banks rebounded in the third quarter, ticking up for the first time since Q1 2020.

The latest Bank of England (BoE) data shows total gross derivatives assets and liabilities at £5.07 trillion at the end of September, up from £5.03 trillion in the previous quarter – a 1% jump. 

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The growth was driven by higher values for foreign exchange derivatives, which rose 9% quarter on quarter, to £1.2 trillion. Commodity and

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