{"id":4099,"date":"2015-01-05T14:56:39","date_gmt":"2015-01-05T19:56:39","guid":{"rendered":"http:\/\/olduvai.ca\/?p=4099"},"modified":"2015-01-05T14:59:35","modified_gmt":"2015-01-05T19:59:35","slug":"is-citi-the-next-aig-70-trillion-reasons-why-citigroup-and-congress-scrambled-to-pass-the-swaps-push-out-rule","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=4099","title":{"rendered":"Is Citi The Next AIG: 70 Trillion Reasons Why Citigroup And Congress Scrambled To Pass The Swaps &#8220;Push-Out&#8221; Rule"},"content":{"rendered":"<h4 class=\"title\"><a href=\"http:\/\/www.zerohedge.com\/news\/2015-01-05\/citi-next-aig-70-trillion-reasons-why-citigroup-and-congress-scrambled-pass-swaps-pu\" target=\"_blank\">Is Citi The Next AIG: 70 Trillion Reasons Why Citigroup And Congress Scrambled To Pass The Swaps &#8220;Push-Out&#8221; Rule<\/a><\/h4>\n<p>Earlier today, when we were conducting a routine check with the Office of the Currency Comptroller&#8217;s on the total notional amount of derivatives held at the Big 4 banks in the context of the &#8220;<a href=\"http:\/\/www.zerohedge.com\/news\/2015-01-05\/goldmans-modest-proposal-it-may-be-time-break-jpmorgan\">JPMorgan break up<\/a>&#8221; story, we found something stunning: using the latest, just released Q3 OCC data, JPMorgan is no longer America&#8217;s undisputed derivatives king. Well, it still is at the HoldCo level, where it is number one in terms of notional derivatives with $65.5 trillion, but when one steps a level lower, namely the FDIC-insured commercial bank (the National Association or N.A.) level, something quite disturbing emerges. This:<\/p>\n<p><a href=\"http:\/\/www.zerohedge.com\/sites\/default\/files\/images\/user5\/imageroot\/2015\/01\/JPM%20vs%20CITI%20derivatives.jpg\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/www.zerohedge.com\/sites\/default\/files\/images\/user5\/imageroot\/2015\/01\/JPM%20vs%20CITI%20derivatives_0.jpg\" alt=\"\" width=\"600\" height=\"484\" \/><\/a><\/p>\n<p>As the chart above, which references Table 1 in the\u00a0<a href=\"http:\/\/www.occ.gov\/topics\/capital-markets\/financial-markets\/trading\/derivatives\/dq314.pdf\">Q3 OCC report<\/a>, shows Citigroup, or rather its FDIC-insured<a href=\"https:\/\/www2.fdic.gov\/idasp\/confirmation_outside.asp?inCert1=7213\">Citibank National Association\u00a0<\/a>entity, just surpassed JPM and is now the biggest single holder of total derivatives in the US. Furthermore, as the charts below show<strong>, while every other bank was derisking its balance sheet, Citi not only increased its total derivative holdings by $1 trillion in Q2, but by a whopping, and perhaps even record, $9 trillion in the just concluded third quarter to $70.2 trillion!<\/strong><\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Is Citi The Next AIG: 70 Trillion Reasons Why Citigroup And Congress Scrambled To Pass The Swaps &#8220;Push-Out&#8221; Rule Earlier today, when we were conducting a routine check with the Office of the Currency Comptroller&#8217;s on the total notional amount of derivatives held at the Big 4 banks in the context of the &#8220;JPMorgan break [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[2431,1668,2267],"class_list":["post-4099","post","type-post","status-publish","format-standard","hentry","category-economics","tag-citi","tag-derivatives","tag-jp-morgan"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/4099","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4099"}],"version-history":[{"count":3,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/4099\/revisions"}],"predecessor-version":[{"id":4102,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/4099\/revisions\/4102"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4099"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4099"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4099"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}