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In case anyone cares whether Dodd-Frank or the Volcker Rule defused those financial weapons of mass destruction known as derivatives, they can start worrying. Not only have the rules failed to curtail the risky FWMD, but they are larger than at the height of the financial crisis. And they are concentrated in four banks: JPMorgan Chase (ticker: JPM), Citigroup's Citibank (C), Bank of America (BAC), and Goldman Sachs (GS).
That's according to the second-quarter derivatives report of the Office of the Comptroller of the Currency. It tallied $222.5 trillion of notional derivatives held by insured U.S. commercial banks and savings associations, compared with $203.5 trillion in the second quarter of 2009.