Bank Holding Company financial statements include details on the amount of Derivatives held by an institution, in this article I look at trends over time for Derivatives positions of selected banks and compare with peer firms.

Introduction

Large Bank Holding Companies (BHCs) in the US are required to file quarterly consolidated financial statements by the Federal Reserve System. These are published 45 days after quarter end on the FFIEC NIC Website, with a number of different report types available.

In a recent blog, Bank Holding Company Financial Statements – 2Q 25 , I used the ActrixFT Dashboard to look at Interest Income and Non-Interest Income metrics, including Trading, Investment Banking and Securities Brokerage Revenue for the 6 largest BHCs.

In today’s post, I will look at information in Schedule HC-L- Derivatives and Off-Balance Sheet Items from the FR Y-9C report.

Derivatives Notionals

Let’s start by look at the June 30, 2025 report of JPMorgan Chase & Co and specifically Schedule HC-L, Item 11, which is Gross notional amounts of Derivatives by type and asset class.

• $37.1 trillion of total gross notional in Interest Rates, of which $25.4 trillion or 68% is in Swaps
• $16.8 trillion in Foreign Exchange, of which $8.6 trillion is Forwards
• $3.2 trillion in Equity Derivatives, of which $763 billion in Exchange Options – Written and $701 billion of Exchange Options – Purchased.
• $677 billion in Commodity derivatives, of which $142 billion is forwards

Item 12, provides a breakdown by trading vs non-trading positions

• $825 billion of the $37.1 trillion in Interest Rates, is Not for Trading, so Banking Book, just over 2%.
• $169 billion of the $16.8 trillion in FX is Not for Trading.

There are additional items with information on Gross Fair Values, Net Current Credit Exposure and Fair Value for Collateral, which I won’t cover today.

However, before we end this section, let’s look at Item 7 on Credit Derivatives.

• $722 billion of Sold protection and $804 billion of Purchased Protection.
• Credit Default Options Sold $216 billion is the one type larger than it’s Purchased equivalent at $200 billion.

Let’s now move onto comparing institutions over time by asset class.

Interest Rate

The ActrixFT Dashboard provides charts of this information over time for selected Institutions.

Let’s look at the six largest bank holding companies, starting with Interest Rate Swap gross notionals.

• Bank of America with $25.8 trillion as of June 30, 2025
• JPMorgan Chase with $25.4 trillion is down from a high of $27.6 trillion as of Sep 30, 2024, with a particularly pronounced drop at year end (Dec 31, 2024) to $20.4 trillion.
• Such drops between Sep 30, 2024 and Dec 31, 2024, are evident for each of the six banks, evidencing financial year-end positioning/dressing/optimimising
• Citigroup with $20.5 trillion and Goldman Sachs $17.9 trillion
• Morgan Stanley $14.5 trillion and Wells Fargo $6.1 trillion.

A combined $110.3 trillion gross notional of interest rate swaps for the six largest bank holding companies.

Let’s compare this with bank holding companies where the parent is a non-US Institution, specifically Canadian or European.

• Jun 30, 2025 with cumulative total of $1.4 trillion, so just 1.3% of the six largest US Banks
• RBC US Group the largest with $581 billion, followed by TD Group US with $386 billion

I deliberately excluded two Japanese institutions from this chart, as their larger size would have dominated the stacked columns.

• Mizuho Americas with $8.4 trillion as of Jun 30, 2025
• SMBC Americas with $2.6 trillion
• A cumulative total of $11 trillion

Combining this $11 trillion with the $1.4 trillion from the prior chart, gives $12.4 trillion for non-US parent BHCs compared to the $110.3 trillion interest rate swap gross notional of the six largest BHCs, so 11.2%.

Of-course we could go on and look at other US BHCs, such as U.S. Bancorp, PNC, Capital One, BNYM, State Street, …

But I will stop there for Interest Rate Swaps.

Next, OTC Options, which is primarily Swaptions.

• A cumulative $16.6 trillion of OTC IR Options written(sold) as of Jun 30, 2025, up from $16.35 trillion a year earlier, an increase of 1.5%
• Goldman Sachs with $4 trillion, 24% of the total
• JPMorgan Chase with $3.4 trillion, 20%
• Citigroup and Morgan Stanley, each with $3 trillion, 18%
• Bank of America with $1.9 trillion, 11%
• Wells Fargo with $1.3 trillion, 8%.

Next Futures on Interest Rates, in gross notional USD amount terms (not number of contracts).

• A cumulative $4.75 trillion of IR Futures as of Jun 30, 2025, up from $3.66 trillion a year earlier, an increase of 30%
• Goldman Sachs with $1.23 trillion, 26% of the total
• Morgan Stanley with $870 billion, 18%
• JPMorgan Chase with $860 billion, 18%
• Wells Fargo with $680 billion, 14%
• Citigroup with $600 billion, 12.5%
• Bank of America with $500 billion, 10.5%.

IR Futures the stand-out growth product with a 30% increase.

That’s it for Interest Rates.

Foreign Exchange

Next FX Derivatives, for the six largest BHCs with the addition of State Street and HSBC NA, both significant in FX markets.

• A cumulative $30.5 trillion in FX Forwards outstanding as of Jun 30, 2025, up from $26 trillion a year earlier, an increase of 17%
• JPMorgan Chase with $8.6 trillion, 28% of the total.
• Citigroup and Bank of America each with $5.3 trillion, 17%
• Goldman Sachs with $3.8 trillion
• State Street with $3 trillion
• Morgan Stanley $2 trillion, Wells Fargo $1.97 trillion
• HSBC NA with $518 billion

• A cumulative $28 trillion in FX Swaps outstanding as of Jun 30, 2025, up from $23.4 trillion a year earlier, an increase of 20%
• Citigroup with $9.2 trillion, 33% of the total
• JPMorgan Chase with $5.5 trillion, 20%
• Morgan Stanley with $5 trillion, 18%
• ….
• State Street showing 0 volume, presumably it reports Swaps in its Forwards figures?

• A cumulative $5.27 trillion of OTC FX Options written(sold) as of Jun 30, 2025, up from $4.03 trillion a year earlier, an increase of 31%
• JPMorgan Chase with $1.34 trillion, 25% of the total
• Citigroup with $1.27 trillion, 24%
• Morgan Stanley $1.04 trillion, 20%
• Bank of America $780 billion, 15%
• Goldman Sachs $754 billion, 13%.

OTC FX Options that stand-out growth story with 30% YoY increase and FX Forwards and Swaps up 20% as firms have looked to position themselves given 2025 USD currency weakness.

That’s it for Foreign Exchange.

Equity Derivatives

• A cumulative $867 billion of Futures as of Jun 30, 2025, up from $716 billion a year earlier, an increase of 21%
• JPMorgan Chase with $254 billion, 29% of the total
• Goldman Sachs with $234 billion, 27%.

• A cumulative $4.24 trillion of ET Options written(sold) as of Jun 30, 2025, up from $3.17 trillion a year earlier, an increase of 34%
• Morgan Stanley with $1.09 trillion, 26% of the total
• Goldman Sachs with $940 billion, 22%.

• A cumulative $3.68 trillion of ET Options purchased(bought) as of Jun 30, 2025, up from $2.84 trillion a year earlier, an increase of 30%
• Goldman Sachs with $950 billion, 26% of the total
• Bank of America with $725 billion, 20%.

• A cumulative $1.54 trillion of OTC Options written(sold) as of Jun 30, 2025, up from $1.43 trillion a year earlier, an increase of 8%
• Morgan Stanley with $400 billion, 26% of the total.
• JPMorgan Chase with $310 billion, 20%.

• A cumulative $1.30 trillion of OTC Options purchased(bought) as of Jun 30, 2025, up from $1.18 trillion a year earlier, an increase of 10%
• Morgan Stanley with $344 billion, 26% of the total.
• Goldman Sachs with $273 billion, 21%.

• A cumulative $3.65 trillion of Equity Swaps as of Jun 30, 2025, up from $3.05 trillion a year earlier, an increase of 20%
• JPMorgan Chase with $972 billion, 27% of the total.
• Goldman Sachs with $837 billion, 23%.

Exchange Traded Options increasing outstanding notional by 30%+ is the stand-out growth story as retail volume in Options continues to increase.

(For more detail on Equity Options, see our post on Bullish Sentiment Revealed in Latest Equity Derivatives Market Data).

Commodity Derivatives

Given we have covered 14 charts to get to this point, lets just end with one chart for a Commodities product.

• A cumulative $540 billion of Commodity Swaps as of Jun 30, 2025, up from $487 billion a year earlier, an increase of 11%
• JPMorgan Chase with $169 billion, 31% of the total.
• Goldman Sachs $103 billion, 19%
• Citigroup $77 billion, 14%
• Bank of America $76 billion, 14%
• Morgan Stanley $73.5 billion, 13.5%
• Wells Fargo $40.8 billion, 7.5%.

There is more data covering Commodity Futures, Forwards, Options both ETD & OTC.

But that is all I have time for today.

In Summary

The ActrixFT Dashboard for Bank Holding Companies provides insights into Derivatives holdings with comparisons between peers and trends across time.

• The six largest BHCs dominate in Derivatives for all asset classes
• In Interest Rates Swaps, these six BHCs represented $110 trillion gross notional as of June 30, 2025
• While eleven BHCs with non-US parents represented $12.4 trillion gross notional, Mizuho Americas the largest with $8.4 trillion
• In Foreign Exchange, OTC Options notional increased 31% YoY
• JPMorgan and Citigroup the top two positions
• In Equity Derivatives, ETD Option notional increased 32% YoY
• Morgan Stanley the strongest showing in ETD & OTC Options
• In Commodity Derivatives, Swaps notional was up 11% YoY
• JPMorgan with 31% of the total as of Jun 30, 2023

I plan to cover this data on a regular basis.

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