RBC’s credit derivatives book grows fourfold on market-making push

Notionals of credit protection sold and purchased have ballooned 236% and 382% respectively since October 2022

Notional amounts of credit derivatives sold and bought by Royal Bank of Canada (RBC) expanded to record highs in the nine months to end-July, as the dealer began making markets in this space.

Canada’s largest bank, which as of last October held C$16.9 billion ($12.3 billion) notional in sold protection and C$27.1 billion notional in bought protection, grew the books to C$81.5 billion and C$91.1 billion, respectively.

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