Insured U.S. commercial banks lost
$9.97 billion trading cash and derivative
instruments in the fourth quarter of 2007, according
to the Office of the Comptroller of the Currency.
This was a sharp reversal from $2.3 billion in
revenues in the third quarter. Commercial banks also
lost $11.8 billion in credit trading in the fourth
quarter, a further deterioration from $2.7 billion
in losses in the third quarter.
The report noted the heavy concentration of
derivative contracts in a small number of
institutions. The largest five dealers hold 97% of
the total notional amount of derivatives, while
the largest 25 banks hold nearly 100%. The report
said 98% of all credit derivatives are in the form
of credit default swaps.
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