Quarterly Report on Bank Trading and Derivatives Activities

Cumulative trading revenue of U.S. commercial banks and savings associations was $14.9 billion in the fourth quarter of 2025. Trading revenue was $2.9 billion, or 16.3 percent, less than in the previous quarter and $680 million, or 4.4 percent, less than a year earlier.

As of the fourth quarter of 2025:

• a total of 1,197 insured U.S. national and state commercial banks and savings associations held derivatives.
• four large banks held 85.1 percent of the total banking industry notional amount of derivatives.
• initial credit exposure from derivatives before netting decreased in the fourth quarter of 2025 compared with the third quarter of 2025. Net current credit exposure decreased $10.7 billion, or 4.2 percent, to $241 billion.
• derivative notional amounts decreased in the fourth quarter of 2025 by $23.8 trillion, or 10.3 percent, to $208.1 trillion.
• derivative contracts remained concentrated in interest rate products, which totaled $135.8 trillion or 65.3 percent of total derivative notional amounts.

Related Data

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• Quarterly Report on Bank Trading and Derivatives Activities: Fourth Quarter 2025 (XML)