Credit derivatives surge to nine-year high at top US banks
$1.35 trillion notional added as banks ramp up CDS activity
US systemic dealers’ notional amounts of credit derivatives surged by more than one-fifth in Q3 2025, reaching their highest level in nine years.
Protection sold by the eight US global systemically important banks (G-Sibs) totalled $3.66 trillion as of end-September, up 20.5% quarter on quarter, while protection purchased climbed 21.6% to $4.08 trillion. Both figures were the largest reported
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