Luận án Phát triển giao dịch tài chính phái sinh ở các ngân hàng thương mại Việt Nam

Chính sách lãi suất của Việt Nam từ khi đổi mới (1988) đến nay đã có nhiều thay đổi: Từ chính sách lãi suất cố định (1988-1992), lãi suất trần cho vay và sàn lãi suất huy động có linh hoạt (1993- 2000), lãi suất cơ bản kèm biên độ dao động (2000-2001 với ngoại tệ và 2000- 2002 với nội tệ), lãi suất thỏa thuận (2002-2010). Tuy nhiên, từ 2011 đến nay, với chính sách tiền tệ chặt chẽ, chính sách lãi suất của NH Nhà nước đã có những thay đổi theo hướng kiểm soát chặt chẽ hơn, khởi nguồn bằng chính sách lãi suất trần huy động theo Thông tư 02/2011 ngày 3/3/2011. Từ đó đến nay, chính sách lãi suất trần huy động vẫn được thực hiện, nhưng có sự điều chỉnh linh hoạt hơn, chỉ tập trung vào huy động ngắn hạn và điều chỉnh theo tín hiệu thị trường; và trần lãi suất cho vay ngắn hạn của một số ngành, lĩnh vực trọng điểm. Điều này cũng đồng nghĩa với việc NH Nhà nước vẫn đánh giá hệ thống TCTD chưa thực sự hoạt động trở lại bình thường và cần giám sát chặt chẽ để đảm bảo tính an toàn cao nhất của cả hệ thống.

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phái sinh nh ằm đạt được các m ục tiêu ho ạt động kinh doanh c ủa NH và t ăng s ức c ạnh tranh c ủa NH trên th ị tr ường trong m ột th ời k ỳ nh ất định 2 Phát tri ển GDPS là c ần thi ết đối v ới ho ạt động kinh doanh c ủa NHTM 3 Phát tri ển GDPS là xu h ướng t ất y ếu trong t ươ ng lai c ủa các NHTM VN trong xu th ế hội nh ập 4 GDPS tại VN ch ưa được quan tâm đúng m ức và các chính sách và hành lang pháp lý hi ện nay ch ưa thúc đẩy vi ệc phát tri ển các GDPS tại các NHTM VN 2.2. Vai trò c ủa vi ệc phát tri ển các GDPS đối v ới các NHTM Vi ệt Nam: 1 2 3 4 5 1 Đa d ạng hóa các s ản ph ẩm d ịch v ụ cung c ấp đến KH của NHTM 2 Tăng c ơ h ội đầu c ơ và kinh doanh nh ằm m ục đích gia t ăng lợi nhu ận cho NHTM 3 Là gi ải pháp phòng ng ừa và qu ản lý r ủi ro trong ho ạt động của NHTM PH ẦN 3: CÁC Y ẾU T Ố ẢNH H ƯỞNG ĐẾN PHÁT TRI ỂN GIAO D ỊCH PHÁI SINH T ẠI CÁC NHTM VI ỆT NAM 3.1. Các y ếu t ố khách quan ảnh h ưởng đến phát tri ển GDPS tại NHTM VN 3.1.1 CÁC Y ẾU T Ố THU ỘC V Ề CHÍNH SÁCH VÀ HÀNH LANG PHÁP LÝ GÓP PH ẦN THÚC ĐẨY GIAO D ỊCH PHÁI SINH T ẠI CÁC NHTM VI ỆT NAM 1 2 3 4 5 1 Điều hành chính sách tài khóa, chính sách ti ền t ệ linh ho ạt và đúng đắn s ẽ góp ph ần phát tri ển các GDPS của NHTM 2 Nghiên c ứu và ban hành đồng b ộ, k ịp th ời các v ăn b ản pháp lu ật t ạo ra m ột hành lang pháp lý đầy đủ, hoàn thi ện s ẽ thúc đẩy phát tri ển các GDPS của NHTM 3 Các quy định pháp lu ật rõ ràng, đầy đủ nh ằm h ướng t ới bảo v ệ quy ền và l ợi ích h ợp pháp c ủa các ch ủ th ể tham giao trong các GDPS sẽ thúc đẩy phát tri ển các GDPS của NHTM 4 Chính ph ủ và NHNN đư a ra các ch ươ ng trình h ỗ tr ợ phát tri ển th ị tr ường GDPS sẽ tạo điều ki ện cho các NHTM đẩy m ạnh phát tri ển GDPS. 5 NHNN có c ơ ch ế điều hành t ỷ giá linh ho ạt v ới m ức độ bi ến động giá l ớn s ẽ tạo điều ki ện phát tri ển các GDPS tại NHTM 6 NHNN có c ơ ch ế điều hành lãi su ất linh ho ạt v ới m ức độ bi ến động giá l ớn s ẽ tạo điều ki ện phát tri ển các GDPS tại NHTM 7 Chính sách thu ế ưu đãi đối v ới GDPS tạo điều ki ện phát tri ển GDPS của NHTM 8 Xây d ựng các chu ẩn m ực k ế toán v ề NVPS tươ ng đồng và phù h ợp v ới chu ẩn m ực k ế toán qu ốc t ế giúp phát tri ển GDPS của NHTM 9 Hoàn thi ện quy ch ế thanh tra, giám sát c ủa NHNN để đảm b ảo cho th ị tr ường phái sinh ho ạt động lành m ạnh, minh b ạch s ẽ giúp phát tri ển các GDPS của NHTM 3.1.2 CÁC Y ẾU T Ố THU ỘC V Ề MÔI TR ƯỜNG KINH T Ế VĨ MÔ VÀ MÔI TR ƯỜNG KINH DOANH GÓP PH ẦN THÚC ĐẨY GIAO D ỊCH PHÁI SINH T ẠI CÁC NHTM VI ỆT NAM 1 2 3 4 5 1 Tốc độ tăng tr ưởng kinh t ế cao và ổn định góp ph ần thúc đẩy các GDPS của NHTM 2 Tổng kim ng ạch xu ất nh ập kh ẩu t ăng cao làm t ăng nhu c ầu sử dụng các GDPS của các DN xu ất nh ập kh ẩu và góp ph ần phát tri ển ho ạt động GDPS tại các NHTM 3 Dư n ợ nền kinh t ế cao s ẽ thúc đẩy các GDPS của các NHTM 4 Sự phát tri ển c ủa TTTC là y ếu t ố quan tr ọng phát tri ển các GDPS. 5 Mức d ự tr ữ ngo ại h ối cao s ẽ thúc đẩy phát tri ển các GDPS tại NHTM 6 Sự hình thành và phát tri ển th ị tr ường ch ứng khoán phái sinh là y ếu t ố quan tr ọng thúc đẩy các GDPS của NHTM 7 Sự phát tri ển c ủa th ị tr ường hàng hóa phái sinh t ạo điều ki ện phát tri ển các GDPS tại NHTM 3.1.3 CÁC Y ẾU T Ố THU ỘC V Ề KH GÓP PH ẦN THÚC ĐẨY GIAO D ỊCH PHÁI SINH T ẠI CÁC NHTM VI ỆT NAM 1 2 3 4 5 1 Hi ểu bi ết và nh ận th ức c ủa KH về các CCPS sẽ giúp h ọ sử dụng nhi ều h ơn các giao d ịch này và góp ph ần phát tri ển các GDPS của NHTM 2 KH tin t ưởng GDPS là công c ụ qu ản tr ị rủi ro hi ệu qu ả sẽ sử dụng giao d ịch này nhi ều h ơn và góp ph ần phát tri ển các GDPS của NHTM. 3 KH tin t ưởng phái sinh là c ơ h ội đầu c ơ tìm ki ếm l ợi nhu ận hi ệu qu ả sẽ sử dụng các giao d ịch này nhi ều h ơn và góp ph ần phát tri ển các GDPS của NHTM 4 Vi ệc gia t ăng KH là các nhà đầu t ư cá nhân n ước ngoài và các DN nước ngoài ho ạt động t ại Vi ệt Nam là nhân t ố quan tr ọng góp ph ần thúc đẩy phát tri ển GDPS của NHTM. 3.1.4 CÁC Y ẾU T Ố THU ỘC V Ề ĐỐI TH Ủ CẠNH TRANH GÓP PH ẦN THÚC ĐẨY GIAO D ỊCH PHÁI SINH T ẠI CÁC NHTM VI ỆT NAM 1 2 3 4 5 1 Gia t ăng s ố lượng các NHTM c ạnh tranh trong ho ạt động kinh doanh s ẽ thúc đẩy phát tri ển GDPS của NHTM. 2 Hi ệu qu ả trong vi ệc s ử dụng các CCPS của các đối th ủ cạnh tranh s ẽ thúc đẩy phát tri ển GDPS của NHTM 3 Các đối th ủ cạnh tranh c ủa NH có chi ến l ược rõ ràng v ề phát tri ển GDPS 3.2. Các y ếu t ố ch ủ quan góp ph ần phát tri ển các GDPS 1 2 3 4 5 1 Lãnh đạo c ủa NHTM nh ận th ức rõ vai trò quan tr ọng c ủa ho ạt động phái sinh đối v ới ho ạt động c ủa NH sẽ thúc đẩy vi ệc phát tri ển GDPS của NHTM. 2 NHTM có chi ến l ược kinh doanh và marketing h ướng t ới phát tri ển các SPPS s ẽ thúc đẩy doanh s ố GDPS của NHTM. 3 NHTM luôn tìm hi ểu và đa d ạng hóa các SPPS khác nhau cung cấp đến KH sẽ góp ph ần t ăng doanh s ố GDPS của NHTM. 4 Phát tri ển công ngh ệ hi ện đại góp ph ần phát tri ển GDPS của NHTM 5 Uy tín, th ươ ng hi ệu c ủa NHTM góp ph ần phát tri ển GDPS của NHTM 6 Ki ến th ức, trình độ, n ăng l ực, kinh nghi ệm c ủa nhân viên NHTM v ề NVPS góp ph ần phát tri ển GDPS của NHTM 7 Năng l ực t ư v ấn, môi gi ới, cung c ấp thông tin và cung c ấp quy trình GDPS chuyên nghi ệp c ủa NHTM s ẽ phát tri ển doanh s ố GDPS của NHTM. 8 Mức độ hội nh ập và h ợp tác c ủa NHTM đối v ới h ệ th ống tài chính NH th ế gi ới góp ph ần phát tri ển GDPS của NHTM. 9 Hệ th ống thông tin, k ế toán chuyên nghi ệp, phù h ợp v ới chu ẩn m ực qu ốc t ế góp ph ần phát tri ển GDPS của NHTM 10 Ho ạt động ki ểm soát r ủi ro c ủa NHTM t ốt: xây d ựng và v ận hành quy trình nh ận di ện, đo l ường, ki ểm soát và phòng ng ừa rủi ro bài b ản góp ph ần phát tri ển GDPS của NHTM. 3.3. Nh ững ý ki ến khác c ủa Quý v ị về các nhân t ố ảnh h ưởng đến s ự phát tri ển các GDPS của các NHTM XIN CHÂN THÀNH C ẢM ƠN S Ự GIÚP ĐỠ CỦA QUÝ V Ị! Ph ụ l ục 3: Kết qu ả mô hình FE, RE Kết qu ả mô hình FE Bi ến Hệ số hồi quy Std. Err. T P>|t| [95% Conf. Interval] LNTRD LQ -.6233716 1.317128 -4.73 0.000 -8.837912 -3.62952 SIZE 1.205814 .1316219 9.16 0.000 .945574 1.466054 absEXR 10.07301 6.52437 1.54 0.126 -2.865048 23.01107 absIRT 3.780092 1.708197 2.21 0.029 .402682 7.15701 Conss -4.749229 2.164944 -2.19 0.030 -9.029708 -.4687501 Number of obs = 161 F(4,139) = 26.18 Prob > F = 0.0000 Kết qu ả mô hình RE Bi ến Hệ số hồi quy Std. Err. Z P>|z| [95% Conf. Interval] LNTRD LQ -.5356615 1.247698 -4.29 0.000 -7.802058 .2911172 SIZE 1.129447 .1204528 9.38 0.000 .893364 1.366553 absEXR 10.4373 6.558601 1.59 0.112 -2.41732 23.39193 absIRT 3.711326 1.71169 2.17 0.034 .3564749 7.066178 Cons -4.032041 2.06618 -1.95 0.051 -8.081683 .0176017 Number of obs = 161 Wald chi2(4) = 108.48 Prob > chi2= 0.0000 Ph ụ lục 4: K ết qu ả Ki ểm định Breusch-Pagan Bi ến Var sd = sqrt(Var) LNTRD 16.05363 4.006698 e 8.340117 2.887926 U 1.704582 1.300597 Test: Var(u) = 0 chibar 2(01) = 15.08 Prob > chibar2 = 0.0001 Ph ụ l ục 5: Kết qu ả ki ểm đị nh Hausman Bi ến Hệ s ố h ồi quy (b-B) sqrt(diag(V_b-V_B)) (b) fe (B) re Difference S.E. LQ -6.233716 -5.356615 -.8771012 .5914613 SIZE 1.205814 1.129447 .0763667 .0520963 absEXR 10.07301 10.4373 -.3642935 . absIRT 3.780092 3.711326 .0687652 . Test: Ho: difference in coefficients not systematic chi2(5) = (b-B)'[(V_b-V_B)^(-1)](b-B) = 4.36 Prob>chi2 = 0.3590 (V_b-V_B is not positive definite) Ph ụ lục 6: K ết qu ả ki ểm định mô hình RE H0: no first-order autocorrelation F( 1, 17) = 66.779 Prob > F = 0.0000 Bi ến Hệ số phóng đại 1/ H ệ số phóng ph ươ ng sai đại ph ươ ng sai LQ 1.11 0.902683 SIZE 1.10 0.904992 absEXR 1.07 0.932062 absIRT 1.03 0.972748 Mean VIF 1.08 Ph ụ l ục 7: Phân tích d ữ li ệu th ống kê các nhân t ố ảnh h ưởng đế n phát tri ển GDPS t ại các NHTM VN Descriptive Statistics N Minimum Maximum Mean Std. Deviation CS1 220 2 5 4.20 .736 CS2 220 2 5 4.26 .691 CS3 220 1 5 4.21 .772 CS4 220 1 5 4.19 .757 CS5 220 1 5 4.27 .797 CS6 220 1 5 4.22 .788 CS7 220 2 5 4.15 .796 CS8 220 2 5 4.20 .688 CS9 220 2 5 4.33 .736 MTKT1 220 2 5 4.32 .701 MTKT2 220 3 5 4.35 .690 MTKT3 220 1 5 4.25 .659 MTKT4 220 2 5 4.35 .716 MTKT5 220 2 5 4.30 .742 MTKT6 220 2 5 4.38 .734 MTKT7 220 2 5 4.41 .707 KH1 220 2 5 4.33 .644 KH2 220 2 5 4.35 .709 KH3 220 2 5 4.30 .747 KH4 220 2 5 4.37 .666 DTCT1 220 2 5 4.17 .617 DTCT2 220 2 5 4.35 .677 DTCT3 220 2 5 4.35 .675 CQ1 220 1 5 3.75 1.391 CQ2 220 3 5 4.36 .629 CQ3 220 2 5 4.26 .705 CQ4 220 1 5 4.29 .713 CQ5 220 2 5 4.38 .641 CQ6 220 1 5 4.40 .755 CQ7 220 3 5 4.38 .647 CQ8 220 3 5 4.48 .623 CQ9 220 3 5 4.39 .606 CQ10 220 3 5 4.45 .575 (Ngu ồn: S ố li ệu điều tra th ống kê) Ph ụ l ục 8: Kết qu ả phân tích rút trích nhân t ố Total Variance Explained Com Initial Eigenvalues Extraction Sums of Squared Rotation Sums of Squared pone Loadings Loadings nt Total % of Cumula Total % of Cumulat Total % of Cumula Variance tive % Variance ive % Variance tive % 1 10.888 34.025 34.025 10.888 34.025 34.025 5.128 16.026 16.026 2 2.830 8.845 42.870 2.830 8.845 42.870 3.157 9.865 25.891 3 1.760 5.499 48.369 1.760 5.499 48.369 3.074 9.605 35.496 4 1.546 4.830 53.199 1.546 4.830 53.199 2.659 8.311 43.807 5 1.366 4.268 57.467 1.366 4.268 57.467 2.391 7.471 51.278 6 1.314 4.106 61.573 1.314 4.106 61.573 2.274 7.108 58.386 7 1.151 3.598 65.171 1.151 3.598 65.171 2.171 6.785 65.171 8 .983 3.072 68.243 9 .913 2.854 71.098 10 .879 2.747 73.845 11 .779 2.434 76.279 12 .731 2.286 78.564 13 .687 2.148 80.712 14 .657 2.053 82.765 15 .563 1.760 84.525 16 .498 1.555 86.081 17 .482 1.507 87.587 18 .465 1.452 89.040 19 .409 1.279 90.319 20 .387 1.209 91.528 21 .349 1.090 92.618 22 .337 1.053 93.671 23 .294 .920 94.590 24 .272 .849 95.439 25 .256 .800 96.239 26 .245 .767 97.006 27 .217 .678 97.684 28 .205 .640 98.324 29 .177 .554 98.878 30 .141 .441 99.319 31 .119 .373 99.691 32 .099 .309 100.000 Extraction Method: Principal Component Analysis. Ph ụ l ục 9: B ảng ma tr ận xoay nhân t ố Rotated Component Matrix a Component 1 2 3 4 5 6 7 CS3 .795 CS4 .780 CS7 .750 CS5 .729 CS8 .721 CS6 .692 CS9 .643 CS1 .618 CQ4 .750 CQ6 .736 CQ2 .731 CQ3 .588 CQ5 .536 MTKT6 .680 CQ7 MTKT7 .631 MTKT2 .528 MTKT4 KH2 .738 KH3 .734 KH4 .669 KH1 .629 MTKT1 .827 MTKT3 .741 MTKT5 .632 CS2 CQ9 .826 CQ10 .669 CQ8 .618 DTCT1 .681 DTCT3 .624 DTCT2 .618 Extraction Method: Principal Component Analysis. Rotation Method: Varimax with Kaiser Normalization. a. Rotation converged in 7 iterations. Ph ụ l ục 10: K ết qu ả phân tích mô hình h ồi quy tuy ến tính đa bi ến Coefficients a Model (Mô Unstandardized Standardized t Sig. Collinearity hình h ồi quy Coefficients Coefficients Statistics theo b ước) Beta Std. Beta Tolerance VIF Error (Constant) 1.189 .176 6.754 .000 1 MTKTA .745 .040 .784 18.661 .000 1.000 1.000 (Constant) .550 .170 3.230 .001 2 MTKTA .572 .040 .602 14.237 .000 .744 1.344 CS .330 .039 .359 8.484 .000 .744 1.344 (Constant) .297 .177 1.681 .094 MTKTA .494 .044 .520 11.322 .000 .592 1.690 3 CS .301 .038 .327 7.844 .000 .717 1.396 DTCT .168 .042 .174 3.982 .000 .653 1.532 (Constant) .160 .178 .901 .368 MTKTA .445 .045 .468 9.832 .000 .526 1.900 4 CS .288 .038 .313 7.633 .000 .709 1.411 DTCT .142 .042 .147 3.378 .001 .629 1.589 MTKTB .120 .037 .137 3.257 .001 .672 1.489 (Constant) -.070 .195 -.362 .718 MTKTA .400 .048 .421 8.403 .000 .462 2.163 CS .272 .038 .297 7.249 .000 .693 1.444 5 DTCT .115 .043 .119 2.689 .008 .594 1.683 MTKTB .117 .036 .134 3.222 .001 .671 1.491 CQB .141 .052 .122 2.719 .007 .573 1.745 a. Dependent Variable: PTGDPS Ph ụ l ục 11: Top 25 NHTM M ỹ trên th ị tr ường phái sinh TOP 25 COMMERCIAL BANKS, SAVINGS ASSOCIATIONS AND TRUST COMPANIES IN DERIVATIVES DECEMBER 31, 2013, $ MILLIONS TOTA L TOTAL TOTAL TOTAL TOTAL TOTAL CREDIT TOTAL TOTA L FUTURES OPTIONS FORWARDS SWAPS OPTIONS DERIVATIVES SPOT RANK BANK NAME STATE ASSETS DERIVATIVES (EXCH TR) (EXCH TR) (OTC) (OTC) (OTC) (OTC) FX 1 JP MOR GAN CHA SE BA NK NA OH $1,945,46 7 $70,088,625 $1,261,94 9 $1,360,84 4 $13,532,96 5 $39,28 2,21 7 $9,261,42 3 $5,389,227 $61,085 2 CITIBANK NATIONAL ASSN SD 1,346,747 62,247,698 659,311 753,010 8,372,554 40,604,400 9,284,822 2,573,601 564,583 3 GOLDMAN SACHS BANK USA NY 105,616 48,611,684 891,142 968,241 3,680,899 36,074,902 6,731,224 265,276 3,361 4 BANK OF AMERICA NA NC 1,433,716 38,850,900 2,081,877 123,605 6,842,601 24,751,362 2,462,451 2,589,004 252,652 5 HSBC BANK USA NATIONAL ASSN VA 179,772 5,404,721 85,337 122,136 716,080 3,862,985 250,765 367,417 52,193 6 WELLS FARGO BANK NA SD 1,373,600 4,856,295 144,714 93,772 1,282,836 2,801,015 487,288 46,670 6,044 7 MORGAN STANLEY BANK NA UT 102,602 2,644,807 71,399 85,197 421,803 1,476,196 586,623 3,589 35,817 8 BANK OF NEW YORK MELLON NY 296,626 1,199,069 23,121 6,734 334,474 650,547 184,092 101 46,986 9 STATE STREET BANK&TRUST CO MA 239,051 1,133,281 3,282 0 1,095,392 6,418 28,048 141 30,059 10 PNC BANK NATIONAL ASSN DE 310,000 387,294 54,198 69,700 19,372 221,424 17,727 4,872 574 11 NORTHERN TRUST CO IL 102,659 233,523 0 0 217,070 16,392 61 0 22,078 12 SUNTRUST BANK GA 171,262 225,957 19,127 12,113 10,286 130,085 50,771 3,575 199 13 TD BANK NATIONAL ASSN DE 217,626 139,269 0 0 18,718 119,414 569 567 6 14 U S BANK NATIONAL ASSN OH 360,478 107,516 255 3,350 38,102 53,288 8,561 3,961 1,493 15 REGIONS BANK AL 116,609 76,964 2,611 0 11,579 58,433 3,303 1,038 14 16 KEYBANK NATIONAL ASSN OH 90,440 64,743 6,423 0 7,284 43,157 6,969 910 255 17 UNION BANK NATIONAL ASSN CA 105,286 63,772 5,110 0 3,327 43,156 12,028 150 667 18 BRANCH BANKING&TRUST CO NC 179,126 63,354 74 0 7,091 46,157 10,032 0 18 19 FIFTH THIRD BANK OH 128,186 62,883 929 0 9,297 36,878 14,341 1,438 236 20 CAPITAL ONE NATIONAL ASSN VA 238,483 39,082 0 0 759 37,203 36 1,084 2 21 RBS CITIZENS NATIONAL ASSN RI 94,717 36,733 0 0 7,591 25,639 2,430 1,072 31 22 BOKF NATIONAL ASSN OK 26,795 28,576 581 551 22,514 3,199 1,732 0 30 23 HUNTINGTON NATIONAL BANK OH 59,305 27,621 3 0 2,720 23,705 353 840 3 24 COMERICA BANK TX 65,202 21,494 0 0 1,593 15,623 3,406 872 216 25 MANUFACTURERS&TRADERS TR CO NY 84,347 21,408 0 0 2,716 16,515 2,177 0 177 TOP 25 COMMERCIAL BANKS, SAs & TCs WITH DERIVATIVES $9,373,717 $236,637,271 $5,311,443 $3,599,253 $36,659,625 $150,400,312 $29,411,232 $11,255,405 $1,078,780 OTHER COMMERCIAL BANKS, SAs & TCs WITH DERIVATIVES 3,683,344 385,792 17,026 618 66,086 252,947 47,141 1,974 699 TOTAL COMMERCIAL BANKS, SAs & TCs WITH DERIVATIVES 13,057,060 237,023,063 5,328,469 3,599,871 36,725,711 150,653,259 29,458,373 11,257,379 1,079,479 Note: Credit derivatives have been included in the sum of total derivatives. Credit derivatives have been included as an "over the counter" category, although the Call Report does not differentiate by market currently. Note: Before the first quarter of 1995 total derivatives included spot foreign exchange. Beginning in the first quarter, 1995, spot foreign exchange was reported separately. Note: Numbers may not add due to rounding. Data source: Call Reports, schedule RC-L TOP 25 COMMERCIAL BANKS, SAVINGS ASSOCIATIONS AND TRUST COMPANIES IN DERIVATIVES MARCH 31, 2014, $ MILLIONS TOTAL TOTAL TOTAL TOTAL TOTAL TOTAL CREDIT TOTAL TOTAL FUTURES OPTIONS FORWARDS SWAPS OPTIONS DERIVATIVES SPOT RANK BANK NAME STATE ASSETS DERIVATIVES (EXCH TR) (EXCH TR) (OTC) (OTC) (OTC) (OTC) FX 1 JPMORGAN CHASE BANK NA OH $1,970,450 $67,636,992 $1,155,06 6 $1,586,905 $14,960,852 $34,821,422 $9,767,425 $5,345,322 $566,393 2 CITIBANK NATIONAL ASSN SD 1,353,237 59,940,518 711,703 916,495 8,864,541 36,022,823 10,833,607 2,591,349 1,479,780 3 GOLDMAN SACHS BANK USA NY 104,767 49,649,845 1,156,682 1,096,166 4,417,423 36,221,840 6,493,875 263,859 3,840 4 BANK OF AMERICA NA NC 1,457,856 35,927,953 1,889,030 75,461 6,329,656 22,500,695 2,517,431 2,615,680 483,921 5 HSBC BANK USA NATIONAL ASSN VA 179,598 5,350,922 99,170 22,090 726,235 3,826,961 339,709 336,756 77,797 6 WELLS FARGO BANK NA SD 1,388,274 4,966,322 129,081 101,040 1,294,167 2,891,653 510,979 39,402 11,261 7 MORGAN STANLEY BANK NA UT 108,837 2,724,056 135,188 113,993 421,441 1,374,584 676,030 2,820 62,767 8 STATE STREET BANK&TRUST CO MA 252,493 1,222,026 3,745 0 1,184,603 6,387 27,149 141 48,448 9 BANK OF NEW YORK MELLON NY 288,176 1,204,309 33,080 7,136 364,826 618,256 180,960 51 64,951 10 PNC BANK NATIONAL ASSN DE 313,362 381,383 46,418 66,300 19,138 225,489 19,114 4,923 1,295 11 NORTHERN TRUST CO IL 103,499 234,116 0 0 215,447 18,610 59 0 18,481 12 SUNTRUST BANK GA 175,464 221,667 19,222 12,353 12,353 123,102 51,319 3,317 364 13 TD BANK NATIONAL ASSN DE 220,863 137,480 0 0 17,787 118,556 561 575 14 14 U S BANK NATIONAL ASSN OH 367,103 110,258 1,387 4,450 35,603 55,692 9,230 3,896 1,330 15 REGIONS BANK AL 117,079 73,055 2,838 0 7,388 58,363 3,367 1,100 9 16 BRANCH BANKING&TRUST CO NC 180,652 68,026 116 0 8,591 50,957 8,363 0 59 17 UNION BANK NATIONAL ASSN CA 106,696 67,153 4,701 0 3,071 47,781 11,506 95 736 18 FIFTH THIRD BANK OH 127,331 63,937 898 0 9,444 37,488 14,699 1,407 276 19 KEYBANK NATIONAL ASSN OH 88,165 62,803 6,345 0 6,820 42,118 6,607 913 667 20 CAPITAL ONE NATIONAL ASSN VA 236,546 41,622 0 0 957 39,514 36 1,114 0 21 RBS CITIZENS NATIONAL ASSN RI 96,042 36,436 0 0 7,969 25,248 2,149 1,070 89 22 BOKF NATIONAL ASSN OK 27,160 29,020 559 491 23,076 3,274 1,619 0 16 23 HUNTINGTON NATIONAL BANK OH 60,962 28,918 6 0 3,029 24,493 498 892 4 24 COMERICA BANK TX 65,687 21,417 0 0 1,760 15,627 3,209 822 397 25 MANUFACTURERS&TRADERS TR CO NY 87,754 20,988 0 0 2,449 16,309 2,231 0 98 TOP 25 COMMERCIAL BANKS, SAs & TCs WITH DERIVATIVES $9,478,054 $230,221,224 $5,395,234 $4,002,881 $38,938,628 $139,187,243 $31,481,733 $11,215,505 $2,822,992 OTHER COMMERCIAL BANKS, SAs & TCs WITH DERIVATIVES 3,744,730 411,323 16,318 889 74,086 263,876 53,073 3,081 1,881 TOTAL COMMERCIAL BANKS, SAs & TCs WITH DERIVATIVES 13,222,784 230,632,546 5,411,552 4,003,770 39,012,714 139,451,119 31,534,805 11,218,586 2,824,873 Note: Credit derivatives have been included in the sum of total derivatives. Credit derivatives have been included as an "over the counter" category, although the Call Report does not differentiate by market currently. Note: Before the first quarter of 1995 total derivatives included spot foreign exchange. Beginning in the first quarter, 1995, spot foreign exchange was reported separately. Note: Numbers may not add due to rounding. Data source: Call Reports, schedule RC-L TOP 25 COMMERCIAL BANKS, SAVINGS ASSOCIATIONS AND TRUST COMPANIES IN DERIVATIVES JUNE 30, 2014, $ MILLIONS TOTAL TOTAL TOTAL TOTAL TOTAL TOTAL CREDIT TOTAL TOTAL FUTURES OPTIONS FORWARDS SWAPS OPTIONS DERIVATIVES SPOT RANK BANK NAME STATE ASSETS DERIVATIVES (EXCH TR) (EXCH TR) (OTC) (OTC) (OTC) (OTC) FX 1 JPMOR GAN CHASE BANK NA OH $2,002,047 $68,148,174 $1,244,118 $1,732,643 $14,962,805 $35,198,962 $9,908,270 $5,101,376 $558,512 2 CITIBANK NATIONAL ASSN SD 1,367,845 61,076,216 710,842 728,653 6,973,348 40,946,275 9,114,504 2,602,594 1,065,120 3 GOLDMAN SACHS BANK USA NY 109,532 53,016,098 1,455,084 1,295,943 5,019,991 38,431,846 6,573,316 239,918 5,879 4 BANK OF AMERICA NA NC 1,454,742 36,784,630 2,097,352 129,034 8,078,237 21,520,008 2,440,022 2,519,977 485,502 5 HSBC BANK USA NATIONAL ASSN VA 174,566 5,378,145 76,409 26,208 714,571 3,910,233 347,158 303,566 59,786 6 WELLS FARGO BANK NA SD 1,436,828 5,069,564 126,438 110,014 1,029,622 3,252,572 513,014 37,904 9,507 7 MORGAN STANLEY BANK NA UT 110,651 2,607,094 87,913 93,201 427,895 1,376,986 618,393 2,706 72,847 8 BANK OF NEW YORK MELLON NY 319,318 1,304,864 53,761 5,917 453,990 617,167 174,009 20 73,366 9 STATE STREET BANK&TRUST CO MA 277,883 1,246,113 4,062 0 1,207,366 6,066 28,456 163 53,445 10 PNC BANK NATIONAL ASSN DE 316,652 441,701 47,640 118,625 21,079 228,379 20,601 5,377 877 11 NORTHERN TRUST CO IL 105,409 246,288 0 0 227,161 19,073 54 0 26,280 12 SUNTRUST BANK GA 178,361 218,194 19,546 11,494 12,770 117,862 53,245 3,277 170 13 TD BANK NATIONAL ASSN DE 219,657 158,200 0 0 16,873 140,084 670 574 11 14 U S BANK NATIONAL ASSN OH 384,194 120,117 2,694 3,120 40,266 60,464 9,623 3,950 781 15 UNION BANK NATIONAL ASSN CA 108,229 70,599 4,072 0 3,295 51,391 11,831 10 494 16 REGIONS BANK AL 117,957 68,294 3,594 0 3,333 56,913 3,314 1,141 8 17 BRANCH BANKING&TRUST CO NC 183,627 66,454 582 0 10,945 45,656 9,272 0 20 18 KEYBANK NATIONAL ASSN OH 89,011 64,452 7,773 0 8,164 42,057 5,797 661 388 19 FIFTH THIRD BANK OH 130,186 62,233 953 0 8,322 39,447 12,026 1,485 419 20 CAPITAL ONE NATIONAL ASSN VA 239,590 45,020 0 0 1,765 42,102 35 1,117 1 21 BOKF NATIONAL ASSN OK 27,614 36,349 451 377 30,488 3,144 1,889 0 38 22 CITIZENS BANK NATIONAL ASSN RI 100,642 35,354 0 0 8,499 24,206 1,576 1,073 244 23 HUNTINGTON NATIONAL BANK OH 63,670 28,775 5 0 2,060 25,141 639 931 3 24 COMERICA BANK TX 65,243 22,787 0 0 2,001 16,336 3,668 782 312 25 MANUFACTURERS&TRADERS TR CO NY 90,062 22,138 0 0 2,882 17,129 2,127 0 82 TOP 25 COMMERCIAL BANKS, SAs & TCs WITH DERIVATIVES $9,673,518 $236,337,854 $5,943,287 $4,255,229 $39,267,728 $146,189,499 $29,853,508 $10,828,602 $2,414,091 OTHER COMMERCIAL BANKS, SAs & TCs WITH DERIVATIVES 3,831,924 443,364 14,924 965 86,446 278,070 59,881 3,077 1,928 TOTAL COMMERCIAL BANKS, SAs & TCs WITH DERIVATIVES 13,505,442 236,781,217 5,958,212 4,256,194 39,354,174 146,467,569 29,913,389 10,831,679 2,416,020 Note: Credit derivatives have been included in the sum of total derivatives. Credit derivatives have been included as an "over the counter" category, although the Call Report does not differentiate by market currently. Note: Before the first quarter of 1995 total derivatives included spot foreign exchange. Beginning in the first quarter, 1995, spot foreign exchange was reported separately. Note: Numbers may not add due to rounding. Data source: call reports, schedule RC-L TOP 25 COMMERCIAL BANKS, SAVINGS ASSOCIATIONS AND TRUST COMPANIES IN DERIVATIVES SEPTEMBER 30, 2014, $ MILLIONS TOTA L SPOT TOTAL TOTA L TOTAL TOTAL TOTAL TOTAL TOTAL CREDIT FX RANK BANK NAME STATE ASSETS DERIVATIVES FUTURES OPTIONS FORWARDS SWAPS OPTIONS DERIVAT IVES (EXCH TR) (EXCH TR) (OTC) (OTC) (OTC) (OTC) 1 CITIBANK NATIONAL ASSN SD $1,377,620 $70,254,978 $887 ,546 $1,052,013 $6,841,018 $49,015,132 $9,723,897 $2,735,372 $1, 787,021 2 JPMORGAN CHASE BANK NA OH 2,008,808 65,307,835 1,362,4 01 1,768,751 13,827,376 33,880,080 9,809,665 4,659,562 848,109 3 GOLDMAN SACHS BANK USA NY 111,758 48,694,949 1,498,075 1,575,722 4,556,717 34,295,054 6,541,190 228,191 14,458 4 BANK OF AMERICA NA NC 1,524,575 37,505,160 1,893,022 164,571 9,276,913 2 1,156,305 2,641,716 2,372,633 605,902 5 WELLS FARGO BANK NA SD 1,482,815 5,145,161 225,389 144,324 810,830 3,407,970 522,393 34,255 10,155 6 HSBC BANK USA NATIONAL ASSN VA 168,428 4,993,889 131,370 35,970 811,733 3,276,861 387,691 35 0,263 79,880 7 MORGAN STANLEY BANK NA UT 116,771 2,710,172 113,452 58,806 429,820 1,419,682 685,549 2,863 79,999 8 BANK OF NEW YORK MELLON NY 304,867 1,346,498 58,723 3,805 481,584 634,298 168,088 0 81,793 9 STATE STREET BANK&TRUST CO MA 270,372 1,294,407 6,408 0 1,252,287 5,876 29,645 191 55,644 10 PNC BANK NATIONAL ASSN DE 324,117 346,349 45,724 18,625 21,525 234,016 20,844 5,615 1,059 11 NORTHERN TRUST CO IL 110,796 258,872 0 0 240,762 17,675 434 0 23,811 12 SUNTRUST BANK GA 182,555 226,926 20,549 13,709 10,817 120,802 57,104 3,946 236 13 TD BANK NATIONAL ASSN DE 224,996 155,641 0 0 16,069 138,376 624 572 12 14 U S BANK NATIONAL ASSN OH 387,034 126,119 3,074 3,150 41,628 63,253 11,063 3,951 1,601 15 REGIONS BANK AL 118,290 82,159 2,760 0 16,310 58,515 3,434 1,140 122 16 MUFG UNION BANK NA CA 110,320 71,155 3,708 0 3,739 53,001 10,696 10 477 17 BRANCH BANKING&TRUST CO NC 182,901 68,392 1,393 0 8,081 51,076 7,842 0 44 18 FIFTH THIRD BANK OH 131,826 63,038 567 0 8,756 40,961 11,061 1,693 452 19 KEYBANK NATIONAL ASSN OH 87,398 59,966 7,712 0 039 39,726 5,867 623 739 20 CAPITAL ONE NATIONAL ASSN VA 247,492 50,794 0 0 ,306 48,273 22 1,193 5 21 CITIZENS BANK NATIONAL ASSN RI 101,843 35,889 0 0 ,522 24,036 2,005 1,326 213 22 BOKF NATIONAL ASSN OK 28,881 33,417 399 298 8,155 2,794 1,771 0 38 23 HUNTINGTON NATIONAL BANK OH 64,107 28,702 6 0 2,000 25,109 602 985 5 24 BMO HARRIS BANK NA IL 98,481 26,548 0 0 ,478 19,775 1,345 951 311 25 COMERICA BANK TX 68,80 3 22,82 0 0 0 ,934 16 ,58 6 3,54 6 754 230 TOP 25 COMMERCIAL BANKS, SAs & TCs WITH DERIVATIVES $9,835,856 $238,909,835 $6,262,277 $4,839,743 $38,708,399 $148,045,234 $30,648,094 $10,406,088 $3,592,316 OTHER COMMERCIAL BANKS, SAs & TCs WITH DERIVATIVES 3,873,767 437,492 12,825 837 75,145 283,412 62,990 2,284 627 TOTAL COMMERCIAL BANKS, SAs & TCs WITH DERIVATIVES 13,709,623 239,347,327 6,275,102 4,840,581 38,783,544 148,328,645 30,711,083 10,408,37 2 3,592,944 Note: Credit derivatives have been included in the sum of total derivatives. Credit derivatives have been included as an "over the counter" category, although the Call Report does not differentiate by market currently. Note: Before the first quarter of 1995 total derivatives included spot foreign exchange. Beginning in the first quarter, 1995, spot foreign exchange was reported separately. Note: Numbers may not add due to rounding. Data source: call reports, schedule RC-L TOP 25 COMMERCIAL BANKS, SAVINGS ASSOCIATIONS AND TRUST COMPANIES IN DERIVATIVES DECEMBER 31, 2014, $ MILLIONS TOTAL TOTAL TOTAL SPOT FX RANK BANK NAME STATE ASSETS DERIVATIVES TOTAL TOTAL TOTAL TOTAL TOTAL CREDIT FUTURES OPTIONS FORWARDS SWAPS OPTION S DERIVATIVES (EXCH TR) (EXCH TR) (OTC) (OTC) (OTC) (OTC) 1 JPMORGAN CHASE BANK NA OH $2,074,952 $63,683,309 $1,232, 742 $1,537,820 $13,418,791 $33,773,030 $9,473,687 $4,247,239 $63,207 2 CITIBANK NATIONAL ASSN SD 1,356,781 56,295,836 85 0,855 581,239 6,475,070 36,968,183 8,934,333 2,486,156 895,342 3 GOLDMAN SACHS BANK USA NY 118,214 46,778,625 1,442,576 1,191,051 4,572,708 33,472,983 5,873,409 225,898 3,174 4 BANK OF AMERICA NA NC 1,574,093 36,726,319 2,149,591 184,995 8,761,789 20,988 ,564 2,455,819 2,185,561 397,303 5 WELLS FARGO BANK NA SD 1,532,784 5,368,592 227,381 130,640 658,156 3,823,021 498,771 30,623 5,002 6 HSBC BANK USA NATIONAL ASSN VA 178,677 4,773,081 62,313 33,350 716,751 3,319,822 397,983 242,862 58,700 7 MORGAN STANLEY BANK NA UT 125,528 2,133,187 23,215 10,878 499,942 927,150 667,169 4,833 26,187 8 BANK OF NEW YORK MELLON NY 304,166 1,237,052 54,411 2,418 445,721 605,670 128,832 0 52,582 9 STATE STREET BANK&TRUST CO MA 269,781 1,231,634 3,937 0 1,193,190 5,724 28,593 191 38,404 10 PNC BANK NATIONAL ASSN DE 335,060 345,934 45,167 12,225 18,443 239,559 25,307 5,234 793 11 NORTHERN TRUST CO IL 109,597 253,411 0 0 236,761 15,959 691 0 17,393 12 SUNTRUST BANK GA 185,910 232,636 18,279 15,279 11,390 124,478 58,279 4, 931 100 13 TD BANK NATIONAL ASSN DE 230,280 172,432 0 0 15,102 156,135 626 569 4 14 U S BANK NATIONAL ASSN OH 398,978 136,168 2,448 4,000 49,816 64,044 11,931 3,929 1,471 15 REGIONS BANK AL 118,801 82,553 2,560 0 16,303 58,358 4,182 1,150 14 16 MUFG UNION BANK NA CA 113,120 71,249 2,691 0 3,509 53,520 11,519 10 429 17 BRANCH BANKING&TRUST CO NC 182,489 66,483 756 0 10 ,120 45,686 9,922 0 32 18 KEYBANK NATIONAL ASSN OH 91,783 61,946 9,673 0 5,965 40,312 5,483 512 826 19 FIFTH THIRD BANK OH 136,279 61,487 622 0 7,728 40,058 11,589 1,490 282 20 CAPITAL ONE NATIONAL ASSN VA 255,011 54,686 0 0 1,473 51,995 15 1,204 2 21 CITIZENS BANK NATIONAL ASSN RI 102,971 39,919 0 0 8,842 26,925 2,783 1,369 48 22 BOKF NATIONAL ASSN OK 28,954 32,592 272 197 27,938 2,656 1,530 0 31 23 HUNTINGTON NATIONAL BANK OH 66,111 29,892 107 0 2,174 25,502 1,091 1,018 0 3 24 BMO HARRIS BANK NA IL 97,497 26,261 0 3,586 20,299 1,409 967342 0 348 25 COMPASS BANK AL 79,625 25,143 1,216 20,172 3,413 0 75 TOP 25 COMMERCIAL BANKS, SAs & TCs WITH DERIVATIVES $10,067,442 $219,920,427 $6,129,936 $3,704,091 $37,162,483 $134,869,806 $28,608,365 $9,445,746 $1, 561,753 OTHER COMMERCIAL BANKS, SAs & TCs WITH DERIVATIVES 3,851,099 439,347 9,822 955 66,140 297,955 61,144 3,332 918 TOTAL COMMERCIAL BANKS, SAs & TCs WITH DERIVATIVES 13,918,541 220,359,775 6,139,757 3,705,047 37,228,623 135,167,761 28,669,510 9,449,078 1,562 ,672 Note: Credit derivatives have been included in the sum of total derivatives. Credit derivatives have been included as an "over the counter" category, although the Call Report does not differentiate by market currently. Note: Before the first quarter of 1995 total derivatives included spot foreign exchange. Beginning in the first quarter, 1995, spot foreign exchange was reported separately. TOP 25 COMMERCIAL BANKS, SAVINGS ASSOCIATIONS AND TRUST COMPANIES IN DERIVATIVES MARCH 31, 2015, $ MILLIONS TOTAL SPOT FX TOTAL TOTAL TOTAL TOTAL TOTAL TOTAL TOTAL CREDIT RANK BANK NAME STATE ASSETS DERIVATIVES FUTURES OPTIONS FORWARDS SWAPS OPTIONS DERIVATIVES 1 JPMORGAN CHASE BANK NA OH $2,096,114 $56,389,469 (EXCH$1 ,243,934 TR) (EXCH $1,565,762 TR) $12,332,610 (OTC) $28, (OTC)307,335 $8,949,280 (OTC) $3,990,548 (OTC) $706, 637 2 CITIBANK NATIONAL ASSN SD 1,335,871 53,059,139 1,046,964 702,413 7,211,959 33,163,012 8,519,754 2,415,037 1,218,512 3 GOLDMAN SACHS BANK USA NY 127,771 44,698,204 1,553,734 1,139,481 5,171,754 30,602,305 6,045,439 185,491 8,878 4 BANK OF AMERICA NA NC 1,599,746 31,310,285 1,912,267 205,347 9,111,729 15,532,255 2,427,712 2,120,975 516,056 5 WELLS FARGO BANK NA SD 1,571,389 5,874,933 289,487 166,524 741,042 4,122,155 522,531 33,194 10,279 6 HSBC BANK USA NATIONAL ASSN VA 194,569 4,678,641 70,700 37,210 812,932 3,131,421 384,141 242,237 63,229 7 MORGAN STANLEY BANK NA UT 126,857 2,260,686 19,712 8,477 510,642 1,003,065 715,026 3,764 73,529 8 STATE STREET BANK&TRUST CO MA 274,919 1,377,182 2,890 0 1,339,165 5,554 29,347 226 75,771 9 BANK OF NEW YORK MELLON NY 316,699 1,216,074 54,601 1,489 480,781 522,964 156,239 0 79,373 10 PNC BANK NATIONAL ASSN DE 340,231 360,414 42,299 22,000 18,915 243,569 28,472 5,158 88 2 11 NORTHERN TRUST CO IL 106,603 261,986 0 0 248,094 13,096 796 0 22,175 12 SUNTRUST BANK GA 185,316 237,420 19,065 14,725 13,300 12 4,207 61,235 4,888 172 13 TD BANK NATIONAL ASSN DE 234,389 178,509 0 0 14,258 162,934 749 568 7 14 U S BANK NATIONAL ASSN OH 405,363 154,853 2,984 4,275 56,084 74,109 13,364 4,036 1,561 15 REGIONS BANK AL 121,435 80,975 2,590 0 14,357 58,876 3,869 1,283 13 16 MUFG UNION BANK NA CA 113,003 75,214 3,634 0 3,246 57,019 11,305 10 498 17 BRANCH BANKING&TRUST CO NC 184,405 66,683 496 0 12,951 42,947 10,290 0 50 18 FIFTH THIRD BANK OH 138,030 66,089 465 218 9,638 42,408 11,817 1,544 302 19 KEYBANK NATIONAL ASSN OH 92,091 63,324 9,421 0 6,963 41,227 5,126 586 895 20 CAPITAL ONE NATIONAL ASSN VA 253,202 57,567 0 0 2,129 53,987 10 1,440 5 21 BOKF NATIONAL ASSN OK 30,147 42,688 259 264 37,883 2,669 1,614 0 55 22 CITIZENS BANK NATIONAL ASSN RI 105,988 41,854 0 0 8,948 29,338 2,623 944 147 23 HUNTINGTON NATIONAL BANK OH 67,788 33,223 122 0 3,054 27,341 1,641 1,064 22 24 COMPASS BANK AL 81,736 28,569 683 0 1,391 21,058 5,437 0 58 25 CAPITAL ONE BANK USA NA VA 87,731 25,395 0 0 7,548 17,847 0 0 0 TOP 25 COMMERCIAL BANKS, SAs & TCs WITH DERIVATIVES $10,191,393 $202,639,377 $6,276,307 $3,868,185 $38,171,372 $117,402,700 $27,907,818 $9,012,994 $2,779,105 OTHER COMMERCIAL BANKS, SAs & TCs WITH DERIVATIVES 3,964,162 480,695 6,572 1,286 83,103 308,131 77,966 3,637 1,215 TOTAL COMMERCIAL BANKS, SAs & TCs WITH DERIVATIVES 14,155,555 203,120,072 6,282,879 3,869,471 38,254,475 117,710,832 27,985,784 9,016,631 2,780,321 Note: Credit derivatives have been included in the sum of total derivatives. Credit derivatives have been included as an "over the counter" category, although the Call Report does not differentiate by market currently. Note: Before the first quarter of 1995 total derivatives included spot foreign exchange. Beginning in the first quarter, 1995, spot foreign exchange was reported separately. Note: Numbers may not add due to rounding. Data source: Call Reports, schedule RC-L TOP 25 COMMERCIAL BANKS, SAVINGS ASSOCIATIONS AND TRUST COMPANIES IN DERIVATIVES June 30, 2015, $ MILLIONS TOTA L TOTAL TOTA L TOTAL TOTAL TOTAL TOTAL TOTAL CREDIT SPOT RANK BANK NAME STATE ASSETS DERIVATIVES FUTURES OPTIONS FORWARDS SWAPS OPTIONS DERIVATIVES FX 1 JPMORGAN CHASE BANK NA OH $1,971,380 $53,319,455 (EXC $1,309,H TR) 323 ( EXC $1,559,276H TR) $9,701,149 (OTC ) $27,984, (OTC 692) $9,083,422 (OTC ) $3,681,593 (OTC ) $750,090 2 CITIBANK NATIONAL ASSN SD 1,336,201 52,169,657 1,316,643 766,988 7,298,189 32,3 34,235 8,024,321 2,429,281 1,421,077 3 GOLDMAN SACHS BANK USA NY 122,681 45,718,947 1,502,901 1,148,482 5,173,545 31,518,699 6,207,499 167,821 16,489 4 BANK OF AMERICA NA NC 1,606,232 29,062,647 2,137,033 188,099 7,040,486 15,367,800 2,403,403 1,925,826 595,310 5 Wells Fargo Bank NA SD 1,553,871 6,091,938 312 ,176 131,326 596,428 4,470,984 551,155 29,869 10,401 6 HSBC NA VA 190,500 4,567,318 76,492 24,471 933,141 2,940,737 371,794 220,682 65,164 7 MORGAN STANLEY BANK NA UT 126,643 2,153,784 19,065 3,924 398,595 1,056,039 670,719 5,442 55,229 8 STATE STREET BANK&TRUST CO MA 289,425 1,315,480 12,127 0 1,270,468 4,629 28,027 229 68,639 9 BANK OF NEW YORK MELLON NY 320,204 1,187,765 52,125 1,019 564,703 475,355 94,563 0 80,010 10 PNC BANK NATIONAL ASSN DE 343,630 374,547 41,426 30,000 20,705 246,109 31,134 5,174 1,011 11 SUNTRUST BANK GA 184,223 258,557 23,153 15,175 17,785 135,691 61,935 4,818 107 12 NORTHERN TRUST CO IL 119,600 257,570 0 0 244,341 12,481 748 0 21,025 13 TD BANK NATIONAL ASSN DE 235,030 182,927 0 0 13,077 168,683 501 667 19 14 U S BANK NATIONAL ASSN OH 414,002 174,729 4,439 3,125 60,558 81,799 20,712 4,096 1,137 15 REGIONS BANK AL 120,932 76,824 2,584 77 15,933 52,698 3,876 1,658 11 16 MUFG UNION BANK NA CA 113,525 76,509 4,032 0 3,019 58,614 10,835 10 462 17 FIFTH THIRD BANK OH 139,250 71,195 467 144 8,994 43,958 15,539 2,092 575 18 KEYBANK NATIONAL ASSN OH 92,481 67,860 13,090 0 7,367 41,631 5,267 505 1,19 6 19 BRANCH BANKING&TRUST CO NC 186,643 62,206 629 0 12,024 9,008 10,545 0 40 20 CAPITAL ONE NATIONAL ASSN VA 255,291 59,565 0 0 1,798 56,188 12 1,568 8 21 CITIZENS BANK NATIONAL ASSN RI 106,948 44,239 0 0 8,873 31,362 2,568 1,436 191 22 BOKF NATIONAL ASSN OK 30,616 43,156 232 366 37,461 2,863 2,233 0 27 23 HUNTINGTON NATIONAL BANK OH 68,662 33,184 71 0 2,783 27,436 1,784 1,110 4 24 COMPASS BANK AL 82,894 31,370 447 0 2,146 22,602 6,176 0 66 25 CAPITAL ONE BANK USA NA VA 93,338 26,958 0 0 8,249 18,709 0 0 0 TOP 25 COMMERCIAL BANKS, SAs & TCs WITH DERIVATIVES $10,104,203 $197,428,388 $6,828,455 $3,872,471 $33,441,817 $117,193,001 $2 7,608,769 $8,483,875 $3,088,288 OTHER COMMERCIAL BANKS, SAs & TCs WITH DERIVATIVES 4,084,754 486,246 2,017 1,251 80,230 315,561 83,267 3,920 1,854 TOTAL COMMERCIAL BANKS, SAs & TCs WITH DERIVATIVES 14,188,957 197,914,633 6,830,472 3,873,723 33,522,047 117,508,562 27,692,035 8,487,795 3,090,142 Note: Credit derivatives have been included in the sum of total derivatives. Credit derivatives have been included as an "over the counter" category, although the Call Report does not differentiate by market currently. Note: Before the first quarter of 1995 total derivatives included spot foreign exchange. Beginning in the first quarter, 1995, spot foreign exchange was reported separately. Note: Numbers may not add due to rounding. Data source: Call Reports, schedule RC-L TOP 25 COMMERCIAL BANKS, SAVINGS ASSOCIATIONS AND TRUST COMPANIES IN DERIVATIVES SEPTEMBER 30, 2015, $ MILLIONS TOTAL TOTAL TOTAL TOTAL TOTAL TOTAL TOTAL TOTAL CREDIT SPOT RANK BANK NAME STATE ASSETS DERIVATIVES FUTURES OPTIONS FORWARDS SWAPS OPTIONS DERIVATIVES FX (EXCH TR) (EXCH TR) (OTC) (OTC) (OTC) (OTC) 1 “JPMORGAN CHASE BANK NA OH $1,954,125 $51,907,395 $1,238,989 $1,591,015 $8,392,673 $28,028,656 $9,156,458 $ 3,499,604 $676, 598 2 CITIBANK NATIONAL ASSN SD 1,337,821 51,201,146 1,471,162 739,913 7,014,993 31,266,198 8,275,889 2,432,991 834,098 3 GOLDMAN SACHS BANK USA NY 127,605 43,621,441 1,897,886 1,601,932 4,969,828 28,669,757 6,310,210 171,828 27,950 4 BANK OF AMERICA NA NC 1,616,426 27,811,096 2,915,231 250,707 6 ,399,009 14,281,740 2,149,577 1,814,832 623,535 5 Wells Fargo Bank NA SD 1,579,174 6,147,111 234,397 150,322 490,977 4,665,160 574,612 31,643 7,162 6 HSBC NA VA 198,269 4,468,721 77,005 45,580 841,491 2,930,344 361,803 212,499 69,689 7 MORGAN STANLEY BANK NA UT 130,678 2,248,781 39,675 43,956 435,082 1,034,693 689,149 6,226 52,008 8 STATE STREET BANK&TRUST CO MA 242,408 1,336,795 15,798 0 1,291,083 4,396 25,517 0 64,868 9 BANK OF NEW YORK MELLON NY 302,197 1,117,690 45,120 956 579,157 423,644 68,658 155 83,006 10 PNC BANK NATIONAL ASSN DE 351,502 369,836 47,834 17,000 20,723 251,481 27,570 5,228 1,145 11 SUNTRUST BANK GA 183,166 249,933 22,748 16,756 17,945 125,788 61,627 5,069 228 12 NORTHERN TRUST CO IL 119,640 241,261 0 0 226,128 14,093 1,040 0 17,516 13 TD BANK NATIONAL ASSN DE 241,083 192,795 0 0 11,823 179,733 503 736 9 14 U S BANK NATIONAL ASSN OH 410,890 184,231 4,663 4,170 57,413 93,748 19,804 4,432 1,728 15 MUFG UNION BANK NA CA 114,358 95,169 2,969 0 22,936 58,896 10,358 10 755 16 KEYBANK NATIONAL ASSN OH 93,147 79,850 23,213 0 7,801 42,699 5,556 580 735 17 REGIONS BANK AL 123,859 79,579 2,118 90 18,034 53,859 3,706 1,771 28 18 FIFTH THIRD BANK OH 139,456 69,359 411 140 7,588 45,127 14,206 1,887 348 19 BRANCH BANKING&TRUST CO NC 203,893 61,104 652 0 9,591 40,709 10,152 0 41 20 CAPITAL ONE NATIONAL ASSN VA 254,436 56,759 17 0 1,096 53,907 13 1,726 5 21 CITIZENS BANK NATIONAL ASSN RI 104,924 44,902 0 0 8,713 31,948 2,568 1,673 104 22 BOKF NATIONAL ASSN OK 30,355 39,763 171 378 34,319 2,709 2,187 0 33 23 HUNTINGTON NATIONAL BANK OH 70,015 32,739 106 0 2,903 27,570 1,086 1,073 13 24 COMPASS BANK AL 84,682 31,431 422 0 1,107 22,937 6,965 0 76 25 CAPITAL ONE BANK USA NA VA 96,692 28,699 0 0 7,787 20,912 0 0 0 TOP 25 COMMERCIAL BANKS, SAs & TCs WITH DERIVATIVES $10,110,803 $191,717,586 $8,040,587 $4,462 ,914 $30,870,200 $112,370,705 $27,779,215 $8,193,964 $2,461,677 OTHER COMMERCIAL BANKS, SAs & TCs WITH DERIVATIVES 4,112,594 483,263 3,128 1,083 74,186 326,901 74,260 3,704 1,012 TOTAL COMMERCIAL BANKS, SAs & TCs WITH DERIVATIVES 14,223,397 192,200,849 8,043,715 4,463,998 30,944,386 112,697,606 27,853,476 8,197,668 2,462,689 Note: Credit derivatives have been included in the sum of total derivatives. Credit derivatives have been included as an "over the counter" category, although the Call Report does not differentiate by market currently. Note: Before the first quarter of 1995 total derivatives included spot foreign exchange. Beginning in the first quarter, 1995, spot foreign exchange was reported separately. Note: Numbers may not add due to rounding. Data source: Call Reports, schedule RC-L” TOP 25 COMMERCIAL BANKS, SAVINGS ASSOCIATIONS AND TRUST COMPANIES IN DERIVATIVES DECEMBER 31, 2015, $ MILLIONS TOTAL SPOT TOTAL TOTAL TOTAL TOTAL TOTAL TOTAL TOTAL CREDIT RANK BANK NAME STATE ASSETS DERIVATIVES FUTURES OPTIONS FORWARDS SWAPS OPTIONS DERIVATIVES FX (EXCH TR) (EXCH TR) (OTC) (OTC) (OTC) (OTC) 1 “JPMORGAN CHASE BANK NA OH $1,914,658 $51,139,448 $893,828 $1,488,253 $9,115,468 $28,269,897 $8,478,963 $2,893,039 $90,3 07 2 CITIBANK NATIONAL ASSN SD 1,299,801 46,400,256 1,679,558 1,144,998 5,792,003 28,251,519 7,472,430 2,059,748 342,200 3 GOLDMAN SACHS BANK USA NY 134,695 41,041,336 1,865,747 2,052,435 3,446,595 27,188,351 6,324,203 164,005 7,853 4 BANK OF AMERICA NA NC 1,639,305 25,669,494 2,298,883 120,601 5,939,356 13,842,243 1,850,465 1,617,946 404,112 5 Wells Fargo Bank NA SD 1,610,580 5,732,768 209,208 109,414 526,659 4,256,487 601,788 2 9,212 4,353 6 HSBC NA VA 183,138 4,164,986 61,093 26,280 904,403 2,653,139 329,403 190,670 42,724 7 MORGAN STANLEY BANK NA UT 136,028 2,118,804 29,198 2,786 444,243 1,080,895 557,805 3,877 36,499 8 STATE STREET BANK&TRUST CO MA 240,898 1,271,580 2,573 0 1,238,650 4,967 25,390 0 37,065 9 BANK OF NEW YORK MELLON NY 319,258 1,067,851 38,110 209 570,180 395,725 63,308 319 52,706 10 PNC BANK NATIONAL ASSN DE 348,291 351,788 37,737 6,000 20,071 257,539 25,323 5,117 1,067 11 NORTHERN TRUST CO IL 116,391 250,829 0 0 236,971 12,819 1,040 0 10,712 12 SUNTRUST BANK GA 186,711 248,713 22,351 13,588 16,734 134,381 57,002 4 ,657 99 13 U S BANK NATIONAL ASSN OH 417,458 198,435 3,248 5,018 51,357 112,829 21,570 4,413 1,003 14 TD BANK NATIONAL ASSN DE 246,486 187,016 0 0 10,519 175,148 584 765 5 15 MUFG UNION BANK NA CA 115,384 129,102 2,411 0 55,358 61,615 9,708 10 498 16 REGIONS BANK AL 125,121 78,643 2,306 68 16,003 54,246 4,094 1,926 71 17 FIFTH THIRD BANK OH 138,621 70,310 295 113 6,605 44,254 17,208 1,834 300 18 KEYBANK NATIONAL ASSN OH 93,038 67,887 8,398 0 7,674 45,392 5,791 632 567 19 CAPITAL ONE NATIONAL ASSN VA 273,232 65,497 95 0 1,718 61,938 9 1,737 12 20 BRANCH BANKING&TRUST CO NC 205,126 56,858 415 0 7,719 40,195 8,529 0 28 21 CITIZENS BANK NATIONAL ASSN RI 108,065 52,330 0 0 9,268 37,392 3,923 1,746 44 22 BOKF NATIONAL ASSN OK 31,273 35,601 138 297 30,621 2,551 1,994 0 17 23 HUNTINGTON NATIONAL BANK OH 70,880 32,484 99 0 2,355 27,948 989 1,093 1 24 COMPASS BANK AL 85,427 31,224 390 0 1,121 22,615 7,097 0 55 25 CAPITAL ONE BANK USA NA VA 102,172 30,990 0 0 8,245 22,744 0 0 103 TOP 25 COMMERCIAL BANKS, SAs & TCs WITH DERIVATIVES $10,142,036 $180,494,231 $7,156,082 $4,970,060 $28, 459,897 $107,056,830 $25,868,615 $6,982,748 $1,032,401 OTHER COMMERCIAL BANKS, SAs & TCs WITH DERIVATIVES 4,277,069 478,962 3,407 1,202 65,548 335,738 69,321 3,746 1,091 TOTAL COMMERCIAL BANKS, SAs & TCs WITH DERIVATIVES 14,419,104 180,973,192 7,159,488 4,971,262 28,525,445 107,392,568 25,937,936 6,986,493 1,033,492 Note: Credit derivatives have been included in the sum of total derivatives. Credit derivatives have been included as an "over the counter" category, although the Call Report does not differentiate by market currently. Note: Before the first quarter of 1995 total derivatives included spot foreign exchange. Beginning in the first quarter, 1995, spot foreign exchange was reported separately. Note: Numbers may not add due to rounding. Data source: Call Reports, schedule RC-L” TOP 25 COMMERCIAL BANKS, SAVINGS ASSOCIATIONS AND TRUST COMPANIES IN DERIVATIVES MARCH 31, 2016, MILLIONS OF DOLLARS TOTA L TOTAL TOTA L TOTAL TOTAL TOTAL TOTAL TOTAL CREDIT SPOT RANK BANK NAME STATE ASSETS DERIVATIVES FUTURES OPTIONS FORWARDS SWAPS OPTIONS DERIVATIVES FX 1 JPMORGAN CHASE BANK NA OH $2,015,718 $52,911,434 (EXC$1,072,240H TR) ( EXC $1,H231,228 TR) $9,076,408 (OTC ) $29,661,994 (OTC ) $8 ,747,069(OTC ) $3,122,495 (OTC ) $751,937 2 CITIBANK NATIONAL ASSN SD 1,342,643 52,052,635 1,460,180 1,500,086 6,010,525 32,510,230 8,345,110 2,226,504 918,122 3 GOLDMAN SACHS BANK USA NY 143,403 44,434,385 2,369,614 3,032,943 3,892,352 28,456,295 6,518,114 165,067 14,627 4 BANK OF AMERICA NA NC 1,653,947 26,262,286 2,312,470 168,558 6,231,946 14,016,372 1,879,245 1,65 3,695 625,328 5 WELLS FARGO BANK NA SD 1,667,785 5,995,075 163,487 170,801 819,646 4,148,796 662,318 30,027 7,003 6 HSBC NA VA 198,798 4,203,729 67,491 12,716 539,508 3,039,283 360,115 184,616 29,173 7 MORGAN STANLEY BANK NA UT 136,966 2,237,218 27,941 3,662 5 39,461 1,098,874 563,172 4,108 49,287 8 STATE STREET BANK & TRUST CO MA 239,278 1,334,726 13,166 0 1,291,731 5,057 24,771 0 65,603 9 BANK OF NEW YORK MELLON NY 299,816 1,014,883 32,469 155 554,175 372,149 55,530 405 71,360 10 PNC BANK NATIONAL ASSN DE 350,643 370,609 37,661 18,000 19,536 262,978 26,586 5,848 1,089 11 SUNTRUST BANK GA 189,908 263,627 24,540 16,034 20,149 137,344 60,590 4,969 153 12 NORTHERN TRUST CO IL 117,434 259,352 0 0 243,574 14,640 1,089 49 20,706 13 U.S. BANK NATIONAL ASSN OH 423,204 234,024 4,243 3,955 63,972 134,497 22,576 4,781 2,979 14 TD BANK NATIONAL ASSN DE 253,738 179,787 0 0 9,512 168,771 736 767 8 15 MUFG UNION BANK NA CA 120,033 127,972 3,344 0 50,975 64,248 9,396 10 753 16 REGIONS BANK AL 124,637 83,056 2,727 95 18,310 55,539 4,403 1,982 17 17 CAPITAL ONE NATIONAL ASSN VA 271,188 74,425 65 0 1,638 70,570 90 2,062 25 18 KEYBANK NATIONAL ASSN OH 96,390 68,688 6,938 0 6,129 49,454 5,735 432 621 19 FIFTH THIRD BANK OH 139,966 66,967 322 79 6,744 43,594 13,724 2,503 333 20 BRANCH BANKING & TRUST CO NC 206,875 58,295 309 0 9,618 41,042 7,326 0 32 21 CITIZENS BANK NATIONAL ASSN RI 109,313 53,409 0 0 9,924 36,225 4,952 2,308 98 22 BOKF NATIONAL ASSN OK 31,211 41,070 123 402 35,329 2,747 2,469 0 9 23 COMPASS BANK AL 87,629 34,597 330 0 1,687 24,740 7,840 0 45 24 HUNTINGTON NATIONAL BANK OH 72,469 31,922 49 0 2,670 27,009 1,043 1,151 4 25 CAPITAL ONE BANK USA NA VA 99,552 30,091 0 0 8,012 22,07 9 0 0 72 TOP 25 COMMERCIAL BANKS, SAs & TCs WITH DERIVATIVES $10,392,544 $192,424,262 $7,599,709 $6,158,715 $29,463,53 1 $114,464,529 $27,323,999 $7,413,779 $2,559,382 OTHER COMMERCIAL BANKS, SAs & TCs WITH DERIVATIVES 4,365,326 522,989 6,093 1,689 81,227 349,913 80,013 4,054 1,730 TOTAL COMMERCIAL BANKS, SAs & TCs WITH DERIVATIVES 14,757,870 192,947,250 7,605,802 6,160,404 29,544,758 114,814,442 27,404,012 7,417,833 2,561,112 Note: Credit derivatives have been included in the sum of total derivatives. Credit derivatives have been included as an "over the counter" category, although the Call report does not differentiate by market currently. Note: Before the first quarter of 1995 total derivatives included spot FX. Beginning in that quarter, spot FX has been reported separately. Note: Numbers may not total due to rounding. Source: Call reports, Schedule RC-L TOP 25 COMMERCIAL BANKS, SAVINGS ASSOCIATIONS AND TRUST COMPANIES IN DERIVATIVES JUNE 30, 2016, MILLIONS OF DOLLARS TOTA L TOTAL TOTA L TOTAL TOTAL TOTAL TOTAL TOTAL CREDIT SPOT RANK BANK NAME STATE ASSETS DERIVATIVES FUTURES OPTIONS FORWARDS SWAPS OPTIONS DERIVATIVES FX (EXC H TR) (EXC H TR) (OTC ) (OTC ) (OTC ) (OTC ) 1 “JPMORGAN CHASE BANK NA OH $2,051,004 $53,282,233 $1,073,154 $1,557,081 $9,606,442 $29,986,580 $8,385,209 $2, 673,767 $785, 211 2 CITIBANK NATIONAL ASSN SD 1,365,660 50,159,340 1,744,618 1,363,701 5,672,004 30,800,530 8,247,046 2,331,441 922,843 3 GOLDMAN SACHS BANK USA NY 160,666 41,372,238 1,524,560 2,568,209 4,759,495 26,299,069 6,067,117 153,788 8,282 4 BANK OF AMERICA NA NC 1,657,878 26,862,637 2,012,935 134,502 6, 928,682 14,580,309 1,747,726 1,458,483 539,758 5 Wells Fargo Bank NA SD 1,699,435 6,835,435 135,634 131,637 1,517,762 4,307,722 710,958 31,722 6,066 6 HSBC NA VA 206,206 4,175,694 89,953 46,478 552,569 2,952,885 370,690 163,119 29,982 7 MORGAN STANLEY BANK NA UT 135,608 2,122,485 39,506 8,715 479,567 1,008,120 578,235 8,342 62,783 8 STATE STREET BANK&TRUST CO MA 251,261 1,389,582 10,882 0 1,347,622 5,006 26,072 0 74,192 9 BANK OF NEW YORK MELLON NY 298,719 1,017,825 26,707 62 556,249 383,430 51,061 316 60,290 10 PNC BANK NATIONAL ASSN DE 350,224 359,823 19,461 14,000 22,226 270,975 26,819 6,343 1,081 11 SUNTRUST BANK GA 194,679 275,572 29,734 14,291 21,310 142,513 62,838 4,885 225 12 NORTHERN TRUST CO IL 121,145 265,237 0 0 250,017 14,082 1,089 49 20,596 13 U S BANK NATIONAL ASSN OH 433,463 261,106 6,482 3,580 60,155 161,350 24,669 4,870 2,030 14 TD BANK NATIONAL ASSN DE 255,727 174,778 0 0 8,256 165,135 736 652 6 15 MUFG UNION BANK NA CA 115,975 145,615 4,074 0 67,874 65,082 8,575 10 351 16 REGIONS BANK AL 125,256 86,432 4,151 0 19,324 56,239 4,424 2,295 64 17 CAPITAL ONE NATIONAL ASSN VA 278,661 79,038 86 0 2,350 74,398 117 2,088 15 18 KEYBANK NATIONAL ASSN OH 99,138 71,872 6,283 0 6,355 52,457 6,301 477 674 19 FIFTH THIRD BANK OH 141,112 66,227 371 61 6,240 43,780 13,208 2,567 256 20 BRANCH BANKING&TRUST CO NC 217,159 62,750 376 0 11,471 44,154 6,748 0 24 21 CITIZENS BANK NATIONAL ASSN RI 112,992 60,060 0 0 10,909 41,668 5,071 2,413 65 22 BOKF NATIONAL ASSN OK 31,817 47,083 180 476 40,651 2,946 2,830 0 24 23 COMPASS BANK AL 86,738 36,226 221 0 1,615 26,149 8,241 0 23 24 HUNTINGTON NATIONAL BANK OH 73,864 31,397 83 0 2,664 26,314 1,079 1,257 7 25 CAPITAL ONE BANK USA NA VA 103,537 31,218 0 0 8,249 22,969 0 0 93 TOP 25 COMMERCIAL BANKS, SAs & TCs WITH DERIVATIVES $10,567,923 $189,271,906 $6,729,452 $5,842,793 $31,960,057 $111,533,862 $26,356,860 $6,848,883 $2,514,942 OTHER COMMERCIAL BANKS, SAs & TCs WITH DERIVATIVES 4,461,491 560,605 9,862 1,901 90,419 366,778 87,214 4,432 1,859 TOTAL COMMERCIAL BANKS, SAs & TCs WITH DERIVATIVES 15,029,414 189,832,511 6,739,314 5,844,694 32,050,476 111,900,639 26,444,074 6,853,314 2,516,800 Note: Credit derivatives have been included in the sum of total derivatives. Credit derivatives have been included as an "over the counter" category, although the Call report does not differentiate by market currently. Note: Before the first quarter of 1995 total derivatives included spot FX. Beginning in that quarter, spot FX has been reported separately. Note: Numbers may not total due to "roundSource: Call reports, Schedule RC-L ”

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