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U.S. commercial banks reported $6.0 billion of trading revenues in cash and derivative instruments in
the third quarter of 2008, compared to $1.6 billion in the second quarter of 2008 and a $2.2 billion
average over the past eight quarters.
• Net current credit exposure increased 7% from the second quarter to $435 billion, a level 73% more
than the $252 billion exposure of a year ago.
• The notional value of derivatives held by U.S. commercial banks decreased $6.3 trillion in the third
quarter, or 3%, to $175.8 trillion.
• Derivative contracts remain concentrated in interest rate products, which comprise 78% of total
derivative notional values. The notional value of credit derivative contracts increased by 4% during the
quarter to $16.1 trillion. Credit default swaps comprise 99% of credit derivatives.