Phát triển giao dịch tài chính phái sinh tại các ngân hàng thương mại việt nam

Bộ GIáO DụC Và ĐàO TạO Trờng đại học kinh tế quốc dân ĐặNG HƯƠNG GIANG PHáT TRIểN GIAO DịCH TàI CHíNH PHáI SINH TạI CáC NGÂN HàNG THƯƠNG MạI VIệT NAM Hà Nội - 2018 Bộ GIáO DụC Và ĐàO TạO Trờng đại học kinh tế quốc dân ĐặNG HƯƠNG GIANG PHáT TRIểN GIAO DịCH TàI CHíNH PHáI SINH TạI CáC NGÂN HàNG THƯƠNG MạI VIệT NAM Chuyên ngành: TàI CHíNH NGÂN HàNG Mã số: 62340201 Ngời hớng dẫn khoa học: PGS.TS NGUYễN HữU TàI Hà Nội - 2018 LỜI CAM ĐOAN Tôi đọc hiểu hành vi vi phạm trung thực học thuật Tôi cam kết danh dự cá nhân luận án tự thực không vi phạm yêu cầu trung thực học thuật Hà Nội, ngày GV hướng dẫn PGS.TS Nguyễn Hữu Tài tháng năm 2018 Nghiên cứu sinh Đặng Hương Giang MỤC LỤC LỜI CAM ĐOAN MỤC LỤC DANH MỤC TỪ VIẾT TẮT DANH MỤC CÁC BẢNG DANH MỤC BIỂU ĐỒ VÀ SƠ ĐỒ DANH MỤC CÁC PHỤ LỤC CHƯƠNG GIỚI THIỆU VỀ NGHIÊN CỨU 1.1 Lý chọn đề tài 1.1.1 Sự cần thiết nghiên cứu 1.1.2 Mục tiêu nghiên cứu 1.1.3 Đối tượng nghiên cứu phạm vi nghiên cứu 1.2 Tổng quan công trình nghiên cứu có liên quan 1.2.1 Các cơng trình nghiên cứu nước 1.2.2 Các cơng trình nghiên cứu nước 13 1.3 Khoảng trống nghiên cứu 15 1.4 Câu hỏi nghiên cứu 16 1.5 Phương pháp nghiên cứu 16 1.5.1 Phương pháp thu thập liệu 16 1.5.2 Phương pháp phân tích tổng hợp liệu 17 1.6 Đóng góp đề tài 22 1.7 Bố cục luận án 22 CHƯƠNG 2: CƠ SỞ LÝ LUẬN VỀ GIAO DỊCH PHÁI SINH VÀ PHÁT TRIỂN GIAO DỊCH PHÁI SINH TẠI NH THƯƠNG MẠI 23 2.1 Cơ sở lý luận GDPS 23 2.1.1 Lịch sử đời phát triển GDPS 23 2.1.2 Khái niệm GDPS 25 2.1.3 TTTC phái sinh 27 2.1.4 Phân loại giao dịch tài phái sinh 34 2.2 Phát triển GDPS NHTM 47 2.2.1 Khái niệm phát triển GDPS NHTM 47 2.2.2 Chỉ tiêu đánh giá phát triển GDPS NHTM 48 2.3 Kinh nghiệm phát triển GDPS số NHTM nước học cho NHTM Việt Nam 51 2.3.1 Tổng quan thị trường phái sinh giới 51 2.3.2 Kinh nghiệm phát triển giao dịch tài phái sinh số NHTM giới 60 2.3.3 Bài học kinh nghiệm NHTM Việt Nam 68 KẾT LUẬN CHƯƠNG 71 CHƯƠNG 3: THỰC TRẠNG GIAO DỊCH PHÁI SINH TẠI CÁC NH THƯƠNG MẠI VIỆT NAM HIỆN NAY 73 3.1 Một số vấn đề NHTM Việt Nam 73 3.1.1 Khái quát chung NHTM Việt Nam 73 3.1.2 Hoạt động kinh doanh NHTM Việt Nam 75 3.1.3 Kết hoạt động kinh doanh NHTM Việt Nam 77 3.2 Thực trạng phát triển GDPS NHTM Việt Nam 77 3.2.1 Thực trạng GDPS NHTM Việt Nam 77 3.2.2 Lợi nhuận từ GDPS NHTM Việt Nam 94 3.2.3 Mơ hình nhân tố ảnh hưởng đến doanh số GDPS NHTM 99 3.2.4 Đánh giá thực trạng GDPS NHTM Việt Nam 107 KẾT LUẬN CHƯƠNG 112 CHƯƠNG 4: CÁC NHÂN TỐ ẢNH HƯỞNG ĐẾN PHÁT TRIỂN GIAO DỊCH PHÁI SINH TẠI CÁC NGÂN HÀNG THƯƠNG MẠI VIỆT NAM 113 4.1 Mô hình nhân tố ảnh hưởng đến phát triển GDPS NHTM 113 4.1.1 Một số nghiên cứu nhân tố ảnh hưởng đến phát triển GDPS NHTM 113 4.1.2 Mô hình nghiên cứu giả thuyết nghiên cứu 117 4.1.3 Thiết kế bảng câu hỏi thức 122 4.1.4 Thu thập thông tin 127 4.2 Kết nghiên cứu mơ hình nhân tố ảnh hưởng đến phát triển GDPS NHTM Việt Nam 129 4.2.1 Kết từ kiểm định giả thuyết thống kê 129 4.2.2 Phân tích nhân tố ảnh hưởng đến phát triển GDPS NHTM Việt Nam 129 4.2.3 Xây dựng mơ hình nghiên cứu 132 4.2.4 Mối tương quan biến 133 4.2.5 Lựa chọn biến mơ hình hồi quy đa biến 134 4.2.6 Đánh giá mức độ phù hợp mô hình hồi quy tuyến tính đa biến 135 4.2.7 Kiểm định độ phù hợp mơ hình 136 4.2.8 Kết phân tích hồi quy đa biến đánh giá mức độ quan trọng nhân tố 137 KẾT LUẬN CHƯƠNG 139 CHƯƠNG 5: MỘT SỐ GIẢI PHÁP NHẰM PHÁT TRIỂN GIAO DỊCH PHÁI SINH TẠI CÁC NH THƯƠNG MẠI VIỆT NAM 140 5.1 Điều kiện phát triển giao dịch tài phái sinh NHTM Việt Nam 140 5.1.1 Điều kiện vĩ mô 140 5.1.2 Điều kiện từ phía NH 142 5.1.3 Điều kiện từ phía KH 144 5.2 Một số giải pháp nhằm phát triển GDPS NHTM Việt Nam 144 5.2.1 Đối với Chính phủ 144 5.2.2 Đối với NHNN 145 5.2.3 Đối với NHTM 150 KẾT LUẬN CHƯƠNG 152 KẾT LUẬN 153 DANH MỤC CÁC CƠNG TRÌNH CƠNG BỐ CỦA TÁC GIẢ 155 DANH MỤC TÀI LIỆU THAM KHẢO 156 PHỤ LỤC DANH MỤC TỪ VIẾT TẮT STT Viết tắt Nội dung CCPS Công cụ phái sinh DN Doanh nghiệp GDPS Giao dịch phái sinh GDKH Giao dịch kỳ hạn GDTL Giao dịch tương lai HĐHĐ Hợp đồng hoán đổi HĐKH Hợp đồng kỳ hạn HĐQC Hợp đồng quyền chọn HĐTL Hợp đồng tương lai 10 KH Khách hàng 11 NH Ngân hàng 12 NHTM Ngân hàng thươg mại 13 NHNN Ngân hàng nhà nước 14 NVPS Nghiệp vụ phái sinh 15 SPPS Sản phẩm phái sinh 16 SGD Sở giao dịch 17 TCTD Tổ chức tín dụng 18 TTTC Thị trường tài DANH MỤC CÁC BẢNG Bảng 2.1: Công thức định giá GDKH 35 Bảng 2.2: So sánh GDKH GDTL 41 Bảng 2.3: Chuẩn hóa GDTL ngoại hối thị trường Chicago (Mỹ) 41 Bảng 2.4: Thông tin niêm yết thị trường tương lai 42 Bảng 3.5: Giá trị hợp đồng giá trị thị trường thị trường phái sinh phi tập trung giới 52 Bảng 2.6: Khối lượng GDPS thị trường tương lai giới 54 Bảng 2.7: Khối lượng GDPS thị trường quyền chọn giới 55 Bảng 2.8: Doanh số SPPS NHTM giới (theo loại hợp đồng) 57 Bảng 2.9: Doanh số SPPS NHTM giới (theo loại tài sản sở) 58 Bảng 2.10: Doanh số GDPS NHTM thị trường phái sinh giới 59 Bảng 2.11: Top 25 NHTM, tổ chức tiết kiệm công ty thị trường phái sinh Mỹ quý 2/2016 63 Bảng 3.1: Các tiêu NHTM Việt Nam 73 Bảng 3.2: Tổng tài sản, vốn chủ sở hữu, lợi nhuận sau thuế số NHTM Việt Nam 74 Bảng 3.3: Bảng tiêu tốn, huy động vốn tín dụng NHTM Việt Nam 75 Bảng 3.4: Huy động vốn dư nợ tín dụng số NHTM Việt Nam 76 Bảng 3.5: Tỷ lệ sinh lời NHTM Việt Nam 77 Bảng 3.6: Giá trị hợp đồng giá trị ghi sổ GDPS NHTM Việt Nam 78 Bảng 3.7: Tổng hợp tỷ giá kì hạn theo quy định NHNN 79 Bảng 3.8: Tỷ giá kỳ hạn giao NHTM Việt Nam thời điểm thực GDKH 80 Bảng 3.9: Tỷ trọng GDKH VinaForex 83 Bảng 3.10: Giá trị hợp đồng GDKH NHTM Việt Nam 84 Bảng 3.11: Giá trị hợp đồng GDKH NHTM Việt Nam qua năm 85 Bảng 3.12: Giá trị hợp đồng GDHĐ NHTM Việt Nam 87 Bảng 3.13: Biểu phí GDHĐ NHNN 88 Bảng 3.14: Giá trị hợp đồng GDHĐ NHTM Việt Nam 90 Bảng 3.15: Doanh số quyền chọn tiền tệ ACB 92 Bảng 3.16: Thu từ GDPS NHTM Việt Nam 94 Bảng 3.17: Chi phí GDPS NHTM Việt Nam 95 Bảng 3.18: Lợi nhuận từ GDPS NHTM Việt Nam 97 Bảng 3.19: Tỷ trọng lợi nhuận từ GDPS tổng lợi nhuận NHTM Việt Nam 98 Bảng 3.20: Tổng hợp nhân tố ảnh hưởng tới doanh số GDPS NHTM 99 Bảng 3.21: Danh sách biến sử dụng mơ hình nghiên cứu 102 Bảng 3.22: Ma trận tương quan biến độc lập 104 Bảng 3.23: Bảng hệ số phóng đại phương sai 105 Bảng 3.24: Kết kiểm định mơ hình hồi quy tuyết tính bội 105 Bảng 4.1.Tổng hợp nhân tố ảnh hưởng tới phát triển GDPS NHTM 114 Bảng 4.2: Thống kê bảng câu hỏi khảo sát 127 Bảng 4.3: Thống kê mẫu đặc điểm đối tượng tham gia khảo sát .128 Bảng 4.4: Phân tích liệu thống kê tình hình phát triển GDPS NHTM .129 Bảng 4.5: Phân tích độ tin cậy thang đo 129 Bảng 4.6: Kết kiểm định KMO Bartlett’s Test (Phân tích khám phá nhân tố cho biến độc lập) 130 Bảng 4.7: Kết kiểm định KMO Bartlett’s Test (Phân tích khám phá nhân tố cho biến phụ thuộc) .131 Bảng 4.8: Kết phân tích rút trích nhân tố Biến phụ thuộc .132 Bảng 4.9: Ma trận xoay nhân tố biến phụ thuộc 132 Bảng 4.10 Ma trận hệ số tương quan 133 Bảng 4.11: Kết thủ tục lựa chọn biến theo phương pháp chọn biến 134 Bảng 4.12: Kết đánh giá mức độ phù hợp mơ hình 135 Bảng 4.13: Bảng ANOVA-Kết kiểm định độ phù hợp mơ hình ANOVAa 136 Bảng 4.14 Kết phân tích hồi quy đa biến .137 DANH MỤC BIỂU ĐỒ VÀ SƠ ĐỒ BIỂU ĐỒ Biểu đồ 2.1: Doanh số SPPS NHTM giới 56 Biểu đồ 2.2: Doanh số SPPS NHTM giới 59 Biểu đồ 2.3: Doanh số GDPS NHTM thị trường phái sinh giới 60 Biểu đồ 3.1: Giá trị hợp đồng GDKH NHTM 84 Biểu đồ 3.2: Giá trị hợp đồng GDHĐ NHTM 90 Biểu đồ 3.3: Thu nhập GDPS NHTM Việt Nam 96 Biểu đồ 3.4: Chi phí GDPS NHTM Việt Nam 96 Biểu đồ 3.5: Lợi nhuận GDPS NHTM Việt Nam 97 SƠ ĐỒ Sơ đồ 2.1: Chủ thể tham gia mục đích tham gia GDPS 33 Sơ đồ 2.2: Lợi nhuận đơn vị tiền tệ giao dịch GDKH 35 Sơ đồ 2.3: Đồ thị thu nhập, chi phí trường hợp khơng bảo hiểm rủi ro tỷ giá có bảo hiểm rủi ro tỷ giá khoản phải thu, phải trả 38 Sơ đồ 2.4: Đồ thị biểu diễn gốc lãi nhà đầu tư trường hợp không bảo hiểm rủi ro tỷ giá có bảo hiểm rủi ro tỷ giá 38 Sơ đồ 2.5: Đồ thị biểu diễn lợi nhuận mua quyền chọn mua bán quyền chọn mua 46 Sơ đồ 2.6: Đồ thị biểu diễn lợi nhuận mua quyền chọn bán bán quyền chọn bán 46 Sơ đồ 3.1: Mơ hình nhân tố tác động đến doanh số GDPS NHTM Việt Nam 100 Phụ lục 7: Phân tích liệu thống kê nhân tố ảnh hưởng đến phát triển GDPS NHTM VN Descriptive Statistics N Minimum Maximum Mean Std Deviation CS1 220 4.20 736 CS2 220 4.26 691 CS3 220 4.21 772 CS4 220 4.19 757 CS5 220 4.27 797 CS6 220 4.22 788 CS7 220 4.15 796 CS8 220 4.20 688 CS9 220 4.33 736 MTKT1 220 4.32 701 MTKT2 220 4.35 690 MTKT3 220 4.25 659 MTKT4 220 4.35 716 MTKT5 220 4.30 742 MTKT6 220 4.38 734 MTKT7 220 4.41 707 KH1 220 4.33 644 KH2 220 4.35 709 KH3 220 4.30 747 KH4 220 4.37 666 DTCT1 220 4.17 617 DTCT2 220 4.35 677 DTCT3 220 4.35 675 CQ1 220 3.75 1.391 CQ2 220 4.36 629 CQ3 220 4.26 705 CQ4 220 4.29 713 CQ5 220 4.38 641 CQ6 220 4.40 755 CQ7 220 4.38 647 CQ8 220 4.48 623 CQ9 220 4.39 606 CQ10 220 4.45 575 (Nguồn: Số liệu điều tra thống kê) Com pone nt 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 Phụ lục 8: Kết phân tích rút trích nhân tố Total Variance Explained Initial Eigenvalues Extraction Sums of Squared Rotation Sums of Squared Loadings Loadings Total % of Cumula Total % of Cumulat Total % of Cumula Variance tive % Variance ive % Variance tive % 10.888 34.025 34.025 10.888 34.025 34.025 5.128 16.026 16.026 2.830 8.845 42.870 2.830 8.845 42.870 3.157 9.865 25.891 1.760 5.499 48.369 1.760 5.499 48.369 3.074 9.605 35.496 1.546 4.830 53.199 1.546 4.830 53.199 2.659 8.311 43.807 1.366 4.268 57.467 1.366 4.268 57.467 2.391 7.471 51.278 1.314 4.106 61.573 1.314 4.106 61.573 2.274 7.108 58.386 1.151 3.598 65.171 1.151 3.598 65.171 2.171 6.785 65.171 983 3.072 68.243 913 2.854 71.098 879 2.747 73.845 779 2.434 76.279 731 2.286 78.564 687 2.148 80.712 657 2.053 82.765 563 1.760 84.525 498 1.555 86.081 482 1.507 87.587 465 1.452 89.040 409 1.279 90.319 387 1.209 91.528 349 1.090 92.618 337 1.053 93.671 294 920 94.590 272 849 95.439 256 800 96.239 245 767 97.006 217 678 97.684 205 640 98.324 177 554 98.878 141 441 99.319 119 373 99.691 099 309 100.000 Extraction Method: Principal Component Analysis 795 780 750 729 721 692 643 618 Phụ lục 9: Bảng ma trận xoay nhân tố Rotated Component Matrixa Component CS3 CS4 CS7 CS5 CS8 CS6 CS9 CS1 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 CQ10 CQ8 DTCT1 DTCT3 DTCT2 Extraction Method: Principal Component Analysis Rotation Method: Varimax with Kaiser Normalization a Rotation converged in iterations 826 669 618 681 624 618 Phụ lục 10: Kết phân tích mơ hình hồi quy tuyến tính đa biến Coefficientsa Model (Mơ hình hồi quy theo bước) (Constant) Beta Std Error Standardized Coefficients t Sig Beta Collinearity Statistics Tolerance VIF 1.189 176 6.754 000 MTKTA 745 040 784 18.661 000 (Constant) 550 170 3.230 001 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 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 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 -.070 195 -.362 718 MTKTA 400 048 421 8.403 000 462 2.163 CS 272 038 297 7.249 000 693 1.444 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 (Constant) Unstandardized Coefficients a Dependent Variable: PTGDPS 1.000 1.000 Phụ lục 11: Top 25 NHTM Mỹ thị trường phái sinh TOP 25 COMMERCIAL BANKS, SAVINGS ASSOCIATIONS AND TRUST COMPANIES IN DERIVATIVES DECEMBER 31, 2013, $ MILLIONS RANK 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 BANK NAME JPMORGAN CHASE BANK NA CITIBANK NATIONAL ASSN GOLDMAN SACHS BANK USA BANK OF AMERICA NA HSBC BANK USA NATIONAL ASSN WELLS FARGO BANK NA MORGAN STANLEY BANK NA BANK OF NEW YORK MELLON STATE STREET BANK&TRUST CO PNC BANK NATIONAL ASSN NORTHERN TRUST CO SUNTRUST BANK TD BANK NATIONAL ASSN U S BANK NATIONAL ASSN REGIONS BANK KEYBANK NATIONAL ASSN UNION BANK NATIONAL ASSN BRANCH BANKING&TRUST CO FIFTH THIRD BANK CAPITAL ONE NATIONAL ASSN RBS CITIZENS NATIONAL ASSN BOKF NATIONAL ASSN HUNTINGTON NATIONAL BANK COMERICA BANK MANUFACTURERS&TRADERS TR CO TOP 25 COMMERCIAL BANKS, SAs & TCs WITH DERIVATIVES OTHER COMMERCIAL BANKS, SAs & TCs WITH DERIVATIVES TOTAL COMMERCIAL BANKS, SAs & TCs WITH DERIVATIVES STATE OH SD NY NC VA SD UT NY MA DE IL GA DE OH AL OH CA NC OH VA RI OK OH TX NY TOTAL ASSETS $1,945,467 1,346,747 105,616 1,433,716 179,772 1,373,600 102,602 296,626 239,051 310,000 102,659 171,262 217,626 360,478 116,609 90,440 105,286 179,126 128,186 238,483 94,717 26,795 59,305 65,202 84,347 TOTAL DERIVATIVES $70,088,625 62,247,698 48,611,684 38,850,900 5,404,721 4,856,295 2,644,807 1,199,069 1,133,281 387,294 233,523 225,957 139,269 107,516 76,964 64,743 63,772 63,354 62,883 39,082 36,733 28,576 27,621 21,494 21,408 TOTAL FUTURES (EXCH TR) $1,261,949 659,311 891,142 2,081,877 85,337 144,714 71,399 23,121 3,282 54,198 19,127 255 2,611 6,423 5,110 74 929 0 581 0 $9,373,717 3,683,344 13,057,060 $236,637,271 385,792 237,023,063 $5,311,443 17,026 5,328,469 TOTAL OPTIONS (EXCH TR) $1,360,844 753,010 968,241 123,605 122,136 93,772 85,197 6,734 69,700 12,113 3,350 0 0 0 551 0 TOTAL FORWARDS (OTC) $13,532,965 8,372,554 3,680,899 6,842,601 716,080 1,282,836 421,803 334,474 1,095,392 19,372 217,070 10,286 18,718 38,102 11,579 7,284 3,327 7,091 9,297 759 7,591 22,514 2,720 1,593 2,716 TOTAL SWAPS (OTC) $39,282,217 40,604,400 36,074,902 24,751,362 3,862,985 2,801,015 1,476,196 650,547 6,418 221,424 16,392 130,085 119,414 53,288 58,433 43,157 43,156 46,157 36,878 37,203 25,639 3,199 23,705 15,623 16,515 TOTAL OPTIONS (OTC) $9,261,423 9,284,822 6,731,224 2,462,451 250,765 487,288 586,623 184,092 28,048 17,727 61 50,771 569 8,561 3,303 6,969 12,028 10,032 14,341 36 2,430 1,732 353 3,406 2,177 TOTAL CREDIT DERIVATIVES (OTC) $5,389,227 2,573,601 265,276 2,589,004 367,417 46,670 3,589 101 141 4,872 3,575 567 3,961 1,038 910 150 1,438 1,084 1,072 840 872 SPOT FX $61,085 564,583 3,361 252,652 52,193 6,044 35,817 46,986 30,059 574 22,078 199 1,493 14 255 667 18 236 31 30 216 177 $3,599,253 618 3,599,871 $36,659,625 66,086 36,725,711 $150,400,312 252,947 150,653,259 $29,411,232 47,141 29,458,373 $11,255,405 1,974 11,257,379 $1,078,780 699 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 RANK 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 BANK NAME JPMORGAN CHASE BANK NA CITIBANK NATIONAL ASSN GOLDMAN SACHS BANK USA BANK OF AMERICA NA HSBC BANK USA NATIONAL ASSN WELLS FARGO BANK NA MORGAN STANLEY BANK NA STATE STREET BANK&TRUST CO BANK OF NEW YORK MELLON PNC BANK NATIONAL ASSN NORTHERN TRUST CO SUNTRUST BANK TD BANK NATIONAL ASSN U S BANK NATIONAL ASSN REGIONS BANK BRANCH BANKING&TRUST CO UNION BANK NATIONAL ASSN FIFTH THIRD BANK KEYBANK NATIONAL ASSN CAPITAL ONE NATIONAL ASSN RBS CITIZENS NATIONAL ASSN BOKF NATIONAL ASSN HUNTINGTON NATIONAL BANK COMERICA BANK MANUFACTURERS&TRADERS TR CO TOP 25 COMMERCIAL BANKS, SAs & TCs WITH DERIVATIVES OTHER COMMERCIAL BANKS, SAs & TCs WITH DERIVATIVES TOTAL COMMERCIAL BANKS, SAs & TCs WITH DERIVATIVES STATE OH SD NY NC VA SD UT MA NY DE IL GA DE OH AL NC CA OH OH VA RI OK OH TX NY TOTAL ASSETS $1,970,450 1,353,237 104,767 1,457,856 179,598 1,388,274 108,837 252,493 288,176 313,362 103,499 175,464 220,863 367,103 117,079 180,652 106,696 127,331 88,165 236,546 96,042 27,160 60,962 65,687 87,754 TOTAL DERIVATIVES $67,636,992 59,940,518 49,649,845 35,927,953 5,350,922 4,966,322 2,724,056 1,222,026 1,204,309 381,383 234,116 221,667 137,480 110,258 73,055 68,026 67,153 63,937 62,803 41,622 36,436 29,020 28,918 21,417 20,988 TOTAL FUTURES (EXCH TR) $1,155,066 711,703 1,156,682 1,889,030 99,170 129,081 135,188 3,745 33,080 46,418 19,222 1,387 2,838 116 4,701 898 6,345 0 559 0 $9,478,054 3,744,730 13,222,784 $230,221,224 411,323 230,632,546 $5,395,234 16,318 5,411,552 TOTAL OPTIONS (EXCH TR) $1,586,905 916,495 1,096,166 75,461 22,090 101,040 113,993 7,136 66,300 12,353 4,450 0 0 0 491 0 TOTAL FORWARDS (OTC) $14,960,852 8,864,541 4,417,423 6,329,656 726,235 1,294,167 421,441 1,184,603 364,826 19,138 215,447 12,353 17,787 35,603 7,388 8,591 3,071 9,444 6,820 957 7,969 23,076 3,029 1,760 2,449 TOTAL SWAPS (OTC) $34,821,422 36,022,823 36,221,840 22,500,695 3,826,961 2,891,653 1,374,584 6,387 618,256 225,489 18,610 123,102 118,556 55,692 58,363 50,957 47,781 37,488 42,118 39,514 25,248 3,274 24,493 15,627 16,309 TOTAL OPTIONS (OTC) $9,767,425 10,833,607 6,493,875 2,517,431 339,709 510,979 676,030 27,149 180,960 19,114 59 51,319 561 9,230 3,367 8,363 11,506 14,699 6,607 36 2,149 1,619 498 3,209 2,231 TOTAL CREDIT DERIVATIVES (OTC) $5,345,322 2,591,349 263,859 2,615,680 336,756 39,402 2,820 141 51 4,923 3,317 575 3,896 1,100 95 1,407 913 1,114 1,070 892 822 SPOT FX $566,393 1,479,780 3,840 483,921 77,797 11,261 62,767 48,448 64,951 1,295 18,481 364 14 1,330 59 736 276 667 89 16 397 98 $4,002,881 889 4,003,770 $38,938,628 74,086 39,012,714 $139,187,243 263,876 139,451,119 $31,481,733 53,073 31,534,805 $11,215,505 3,081 11,218,586 $2,822,992 1,881 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 RANK 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 BANK NAME JPMORGAN CHASE BANK NA CITIBANK NATIONAL ASSN GOLDMAN SACHS BANK USA BANK OF AMERICA NA HSBC BANK USA NATIONAL ASSN WELLS FARGO BANK NA MORGAN STANLEY BANK NA BANK OF NEW YORK MELLON STATE STREET BANK&TRUST CO PNC BANK NATIONAL ASSN NORTHERN TRUST CO SUNTRUST BANK TD BANK NATIONAL ASSN U S BANK NATIONAL ASSN UNION BANK NATIONAL ASSN REGIONS BANK BRANCH BANKING&TRUST CO KEYBANK NATIONAL ASSN FIFTH THIRD BANK CAPITAL ONE NATIONAL ASSN BOKF NATIONAL ASSN CITIZENS BANK NATIONAL ASSN HUNTINGTON NATIONAL BANK COMERICA BANK MANUFACTURERS&TRADERS TR CO TOP 25 COMMERCIAL BANKS, SAs & TCs WITH DERIVATIVES OTHER COMMERCIAL BANKS, SAs & TCs WITH DERIVATIVES TOTAL COMMERCIAL BANKS, SAs & TCs WITH DERIVATIVES STATE OH SD NY NC VA SD UT NY MA DE IL GA DE OH CA AL NC OH OH VA OK RI OH TX NY TOTAL ASSETS $2,002,047 1,367,845 109,532 1,454,742 174,566 1,436,828 110,651 319,318 277,883 316,652 105,409 178,361 219,657 384,194 108,229 117,957 183,627 89,011 130,186 239,590 27,614 100,642 63,670 65,243 90,062 TOTAL DERIVATIVES $68,148,174 61,076,216 53,016,098 36,784,630 5,378,145 5,069,564 2,607,094 1,304,864 1,246,113 441,701 246,288 218,194 158,200 120,117 70,599 68,294 66,454 64,452 62,233 45,020 36,349 35,354 28,775 22,787 22,138 TOTAL FUTURES (EXCH TR) $1,244,118 710,842 1,455,084 2,097,352 76,409 126,438 87,913 53,761 4,062 47,640 19,546 2,694 4,072 3,594 582 7,773 953 451 0 $9,673,518 3,831,924 13,505,442 $236,337,854 443,364 236,781,217 $5,943,287 14,924 5,958,212 TOTAL OPTIONS (EXCH TR) $1,732,643 728,653 1,295,943 129,034 26,208 110,014 93,201 5,917 118,625 11,494 3,120 0 0 0 377 0 0 TOTAL FORWARDS (OTC) $14,962,805 6,973,348 5,019,991 8,078,237 714,571 1,029,622 427,895 453,990 1,207,366 21,079 227,161 12,770 16,873 40,266 3,295 3,333 10,945 8,164 8,322 1,765 30,488 8,499 2,060 2,001 2,882 TOTAL SWAPS (OTC) $35,198,962 40,946,275 38,431,846 21,520,008 3,910,233 3,252,572 1,376,986 617,167 6,066 228,379 19,073 117,862 140,084 60,464 51,391 56,913 45,656 42,057 39,447 42,102 3,144 24,206 25,141 16,336 17,129 TOTAL OPTIONS (OTC) $9,908,270 9,114,504 6,573,316 2,440,022 347,158 513,014 618,393 174,009 28,456 20,601 54 53,245 670 9,623 11,831 3,314 9,272 5,797 12,026 35 1,889 1,576 639 3,668 2,127 TOTAL CREDIT DERIVATIVES (OTC) $5,101,376 2,602,594 239,918 2,519,977 303,566 37,904 2,706 20 163 5,377 3,277 574 3,950 10 1,141 661 1,485 1,117 1,073 931 782 SPOT FX $558,512 1,065,120 5,879 485,502 59,786 9,507 72,847 73,366 53,445 877 26,280 170 11 781 494 20 388 419 38 244 312 82 $4,255,229 965 4,256,194 $39,267,728 86,446 39,354,174 $146,189,499 278,070 146,467,569 $29,853,508 59,881 29,913,389 $10,828,602 3,077 10,831,679 $2,414,091 1,928 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 TOTAL RANK BANK NAME CITIBANK NATIONAL ASSN JPMORGAN CHASE BANK NA GOLDMAN SACHS BANK USA BANK OF AMERICA NA WELLS FARGO BANK NA HSBC BANK USA NATIONAL ASSN MORGAN STANLEY BANK NA BANK OF NEW YORK MELLON STATE STREET BANK&TRUST CO 10 PNC BANK NATIONAL ASSN 11 NORTHERN TRUST CO 12 SUNTRUST BANK 13 TD BANK NATIONAL ASSN 14 U S BANK NATIONAL ASSN 15 REGIONS BANK 16 MUFG UNION BANK NA 17 BRANCH BANKING&TRUST CO 18 FIFTH THIRD BANK 19 KEYBANK NATIONAL ASSN 20 CAPITAL ONE NATIONAL ASSN 21 CITIZENS BANK NATIONAL ASSN 22 BOKF NATIONAL ASSN 23 HUNTINGTON NATIONAL BANK 24 BMO HARRIS BANK NA 25 COMERICA BANK TOP 25 COMMERCIAL BANKS, SAs & TCs WITH DERIVATIVES OTHER COMMERCIAL BANKS, SAs & TCs WITH DERIVATIVES TOTAL COMMERCIAL BANKS, SAs & TCs WITH DERIVATIVES STATE SD OH NY NC SD VA UT NY MA DE IL GA DE OH AL CA NC OH OH VA RI OK OH IL TX TOTAL ASSETS TOTAL DERIVATIVES $1,377,620 2,008,808 111,758 1,524,575 1,482,815 168,428 116,771 304,867 270,372 324,117 110,796 182,555 224,996 387,034 118,290 110,320 182,901 131,826 87,398 247,492 101,843 28,881 64,107 98,481 68,803 $9,835,856 3,873,767 13,709,623 $70,254,978 65,307,835 48,694,949 37,505,160 5,145,161 4,993,889 2,710,172 1,346,498 1,294,407 346,349 258,872 226,926 155,641 126,119 82,159 71,155 68,392 63,038 59,966 50,794 35,889 33,417 28,702 26,548 22,820 $238,909,835 437,492 239,347,327 TOTAL FUTURES (EXCH TR) TOTAL OPTIONS (EXCH TR) $887,546 $1,052,013 1,362,401 1,768,751 1,498,075 1,575,722 1,893,022 164,571 225,389 144,324 131,370 35,970 113,452 58,806 58,723 3,805 6,408 45,724 18,625 0 20,549 13,709 0 3,074 3,150 2,760 3,708 1,393 567 7,712 0 0 399 298 0 0 $6,262,277 $4,839,743 12,825 837 6,275,102 4,840,581 TOTAL FORWARDS (OTC) TOTAL SWAPS (OTC) $6,841,018 $49,015,132 13,827,376 33,880,080 4,556,717 34,295,054 9,276,913 21,156,305 810,830 3,407,970 811,733 3,276,861 429,820 1,419,682 481,584 634,298 1,252,287 5,876 21,525 234,016 240,762 17,675 10,817 120,802 16,069 138,376 41,628 63,253 16,310 58,515 3,739 53,001 8,081 51,076 8,756 40,961 039 39,726 ,306 48,273 ,522 24,036 8,155 2,794 2,000 25,109 ,478 19,775 ,934 16,586 $38,708,399 $148,045,234 75,145 283,412 38,783,544 148,328,645 TOTAL OPTIONS (OTC) $9,723,897 9,809,665 6,541,190 2,641,716 522,393 387,691 685,549 168,088 29,645 20,844 434 57,104 624 11,063 3,434 10,696 7,842 11,061 5,867 22 2,005 1,771 602 1,345 3,546 $30,648,094 62,990 30,711,083 CREDIT DERIVATIVES (OTC) SPOT FX $2,735,372 4,659,562 228,191 2,372,633 34,255 350,263 2,863 191 5,615 3,946 572 3,951 1,140 10 1,693 623 1,193 1,326 985 951 754 $10,406,088 2,284 10,408,372 $1,787,021 848,109 14,458 605,902 10,155 79,880 79,999 81,793 55,644 1,059 23,811 236 12 1,601 122 477 44 452 739 213 38 311 230 $3,592,316 627 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 RANK 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 BANK NAME JPMORGAN CHASE BANK NA CITIBANK NATIONAL ASSN GOLDMAN SACHS BANK USA BANK OF AMERICA NA WELLS FARGO BANK NA HSBC BANK USA NATIONAL ASSN MORGAN STANLEY BANK NA BANK OF NEW YORK MELLON STATE STREET BANK&TRUST CO PNC BANK NATIONAL ASSN NORTHERN TRUST CO SUNTRUST BANK TD BANK NATIONAL ASSN U S BANK NATIONAL ASSN REGIONS BANK MUFG UNION BANK NA BRANCH BANKING&TRUST CO KEYBANK NATIONAL ASSN FIFTH THIRD BANK CAPITAL ONE NATIONAL ASSN CITIZENS BANK NATIONAL ASSN BOKF NATIONAL ASSN HUNTINGTON NATIONAL BANK BMO HARRIS BANK NA COMPASS BANK TOP 25 COMMERCIAL BANKS, SAs & TCs WITH DERIVATIVES OTHER COMMERCIAL BANKS, SAs & TCs WITH DERIVATIVES TOTAL COMMERCIAL BANKS, SAs & TCs WITH DERIVATIVES STATE OH SD NY NC SD VA UT NY MA DE IL GA DE OH AL CA NC OH OH VA RI OK OH IL AL ASSETS $2,074,952 1,356,781 118,214 1,574,093 1,532,784 178,677 125,528 304,166 269,781 335,060 109,597 185,910 230,280 398,978 118,801 113,120 182,489 91,783 136,279 255,011 102,971 28,954 66,111 97,497 79,625 $10,067,442 3,851,099 13,918,541 TOTAL TOTAL DERIVATIVES $63,683,309 56,295,836 46,778,625 36,726,319 5,368,592 4,773,081 2,133,187 1,237,052 1,231,634 345,934 253,411 232,636 172,432 136,168 82,553 71,249 66,483 61,946 61,487 54,686 39,919 32,592 29,892 26,261 25,143 $219,920,427 439,347 220,359,775 TOTAL TOTAL CREDIT FUTURES OPTIONS DERIVATIVES (EXCH TR) $1,232,742 850,855 1,442,576 2,149,591 227,381 62,313 23,215 54,411 3,937 45,167 18,279 2,448 2,560 2,691 756 9,673 622 0 272 107 $1,537,820 581,239 1,191,051 184,995 130,640 33,350 10,878 2,418 12,225 15,279 4,000 0 0 0 197 3,586 $13,418,791 6,475,070 4,572,708 8,761,789 658,156 716,751 499,942 445,721 1,193,190 18,443 236,761 11,390 15,102 49,816 16,303 3,509 10,120 5,965 7,728 1,473 8,842 27,938 2,174 20,299 1,216 TOTAL FORWARDS (EXCH TR) $33,773,030 36,968,183 33,472,983 20,988,564 3,823,021 3,319,822 927,150 605,670 5,724 239,559 15,959 124,478 156,135 64,044 58,358 53,520 45,686 40,312 40,058 51,995 26,925 2,656 25,502 1,409 20,172 TOTAL SWAPS (OTC) (OTC) $9,473,687 8,934,333 5,873,409 2,455,819 498,771 397,983 667,169 128,832 28,593 25,307 691 58,279 626 11,931 4,182 11,519 9,922 5,483 11,589 15 2,783 1,530 1,091 967342 3,413 TOTAL SPOT FX OPTIONS (OTC) (OTC) $4,247,239 $63,207 2,486,156 895,342 225,898 3,174 2,185,561 397,303 30,623 5,002 242,862 58,700 4,833 26,187 52,582 191 38,404 5,234 793 17,393 4,931 100 569 3,929 1,471 1,150 14 10 429 32 512 826 1,490 282 1,204 1,369 48 31 1,0180 348 75 $6,129,936 $3,704,091 $37,162,483 $134,869,806 $28,608,365 $9,445,746 9,822 955 66,140 297,955 61,144 3,332 6,139,757 3,705,047 37,228,623 135,167,761 28,669,510 9,449,078 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 $1,561,753 918 1,562,672 TOP 25 COMMERCIAL BANKS, SAVINGS ASSOCIATIONS AND TRUST COMPANIES IN DERIVATIVES MARCH 31, 2015, $ MILLIONS TOTAL RANK 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 BANK NAME JPMORGAN CHASE BANK NA CITIBANK NATIONAL ASSN GOLDMAN SACHS BANK USA BANK OF AMERICA NA WELLS FARGO BANK NA HSBC BANK USA NATIONAL ASSN MORGAN STANLEY BANK NA STATE STREET BANK&TRUST CO BANK OF NEW YORK MELLON PNC BANK NATIONAL ASSN NORTHERN TRUST CO SUNTRUST BANK TD BANK NATIONAL ASSN U S BANK NATIONAL ASSN REGIONS BANK MUFG UNION BANK NA BRANCH BANKING&TRUST CO FIFTH THIRD BANK KEYBANK NATIONAL ASSN CAPITAL ONE NATIONAL ASSN BOKF NATIONAL ASSN CITIZENS BANK NATIONAL ASSN HUNTINGTON NATIONAL BANK COMPASS BANK CAPITAL ONE BANK USA NA STATE OH SD NY NC SD VA UT MA NY DE IL GA DE OH AL CA NC OH OH VA OK RI OH AL VA TOTAL ASSETS TOTAL DERIVATIVES $2,096,114 1,335,871 127,771 1,599,746 1,571,389 194,569 126,857 274,919 316,699 340,231 106,603 185,316 234,389 405,363 121,435 113,003 184,405 138,030 92,091 253,202 30,147 105,988 67,788 81,736 87,731 $56,389,469 53,059,139 44,698,204 31,310,285 5,874,933 4,678,641 2,260,686 1,377,182 1,216,074 360,414 261,986 237,420 178,509 154,853 80,975 75,214 66,683 66,089 63,324 57,567 42,688 41,854 33,223 28,569 25,395 TOTAL TOTAL TOTAL FUTURES OPTIONS FORWARDS (EXCH TR) (EXCH TR) (OTC) $1,243,934 $1,565,762 $12,332,610 1,046,964 702,413 7,211,959 1,553,734 1,139,481 5,171,754 1,912,267 205,347 9,111,729 289,487 166,524 741,042 70,700 37,210 812,932 19,712 8,477 510,642 2,890 1,339,165 54,601 1,489 480,781 42,299 22,000 18,915 0 248,094 19,065 14,725 13,300 0 14,258 2,984 4,275 56,084 2,590 14,357 3,634 3,246 496 12,951 465 218 9,638 9,421 6,963 0 2,129 259 264 37,883 0 8,948 122 3,054 683 1,391 0 7,548 TOTAL SWAPS (OTC) $28,307,335 33,163,012 30,602,305 15,532,255 4,122,155 3,131,421 1,003,065 5,554 522,964 243,569 13,096 124,207 162,934 74,109 58,876 57,019 42,947 42,408 41,227 53,987 2,669 29,338 27,341 21,058 17,847 TOTAL OPTIONS (OTC) $8,949,280 CREDIT DERIVATIVES (OTC) $3,990,548 8,519,754 6,045,439 2,427,712 522,531 384,141 715,026 29,347 156,239 28,472 796 61,235 749 13,364 3,869 11,305 10,290 11,817 5,126 10 1,614 2,623 1,641 5,437 2,415,037 185,491 2,120,975 33,194 242,237 3,764 226 5,158 4,888 568 4,036 1,283 10 1,544 586 1,440 944 1,064 0 SPOT FX $706,637 1,218,512 8,878 516,056 10,279 63,229 73,529 75,771 79,373 882 22,175 172 1,561 13 498 50 302 895 55 147 22 58 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 TOTAL RANK 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 BANK NAME JPMORGAN CHASE BANK NA CITIBANK NATIONAL ASSN GOLDMAN SACHS BANK USA BANK OF AMERICA NA Wells Fargo Bank NA HSBC NA MORGAN STANLEY BANK NA STATE STREET BANK&TRUST CO BANK OF NEW YORK MELLON PNC BANK NATIONAL ASSN SUNTRUST BANK NORTHERN TRUST CO TD BANK NATIONAL ASSN U S BANK NATIONAL ASSN REGIONS BANK MUFG UNION BANK NA FIFTH THIRD BANK KEYBANK NATIONAL ASSN BRANCH BANKING&TRUST CO CAPITAL ONE NATIONAL ASSN CITIZENS BANK NATIONAL ASSN BOKF NATIONAL ASSN HUNTINGTON NATIONAL BANK COMPASS BANK CAPITAL ONE BANK USA NA TOP 25 COMMERCIAL BANKS, SAs & TCs WITH DERIVATIVES OTHER COMMERCIAL BANKS, SAs & TCs WITH DERIVATIVES TOTAL COMMERCIAL BANKS, SAs & TCs WITH DERIVATIVES STATE OH SD NY NC SD VA UT MA NY DE GA IL DE OH AL CA OH OH NC VA RI OK OH AL VA TOTAL ASSETS TOTAL DERIVATIVES $1,971,380 1,336,201 122,681 1,606,232 1,553,871 190,500 126,643 289,425 320,204 343,630 184,223 119,600 235,030 414,002 120,932 113,525 139,250 92,481 186,643 255,291 106,948 30,616 68,662 82,894 93,338 $53,319,455 52,169,657 45,718,947 29,062,647 6,091,938 4,567,318 2,153,784 1,315,480 1,187,765 374,547 258,557 257,570 182,927 174,729 76,824 76,509 71,195 67,860 62,206 59,565 44,239 43,156 33,184 31,370 26,958 $10,104,203 4,084,754 14,188,957 $197,428,388 486,246 197,914,633 TOTAL TOTAL TOTAL FUTURES OPTIONS FORWARDS (EXCH TR) (EXCH TR) (OTC) $1,309,323 $1,559,276 $9,701,149 1,316,643 766,988 7,298,189 1,502,901 1,148,482 5,173,545 2,137,033 188,099 7,040,486 312,176 131,326 596,428 76,492 24,471 933,141 19,065 3,924 398,595 12,127 1,270,468 52,125 1,019 564,703 41,426 30,000 20,705 23,153 15,175 17,785 0 244,341 0 13,077 4,439 3,125 60,558 2,584 77 15,933 4,032 3,019 467 144 8,994 13,090 7,367 629 12,024 0 1,798 0 8,873 232 366 37,461 71 2,783 447 2,146 0 8,249 $6,828,455 2,017 6,830,472 $3,872,471 1,251 3,873,723 $33,441,817 80,230 33,522,047 TOTAL OPTIONS (OTC) $9,083,422 CREDIT DERIVATIVES (OTC) $3,681,593 32,334,235 31,518,699 15,367,800 4,470,984 2,940,737 1,056,039 4,629 475,355 246,109 135,691 12,481 168,683 81,799 52,698 58,614 43,958 41,631 9,008 56,188 31,362 2,863 27,436 22,602 18,709 8,024,321 6,207,499 2,403,403 551,155 371,794 670,719 28,027 94,563 31,134 61,935 748 501 20,712 3,876 10,835 15,539 5,267 10,545 12 2,568 2,233 1,784 6,176 2,429,281 167,821 1,925,826 29,869 220,682 5,442 229 5,174 4,818 667 4,096 1,658 10 2,092 505 1,568 1,436 1,110 0 $750,090 1,421,077 16,489 595,310 10,401 65,164 55,229 68,639 80,010 1,011 107 21,025 19 1,137 11 462 575 1,196 40 191 27 66 $117,193,001 315,561 117,508,562 $27,608,769 83,267 27,692,035 $8,483,875 3,920 8,487,795 $3,088,288 1,854 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 SPOT FX TOTAL SWAPS (OTC) $27,984,692 TOP 25 COMMERCIAL BANKS, SAVINGS ASSOCIATIONS AND TRUST COMPANIES IN DERIVATIVES SEPTEMBER 30, 2015, $ MILLIONS TOTAL RANK 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 BANK NAME STATE JPMORGAN CHASE BANK NA CITIBANK NATIONAL ASSN GOLDMAN SACHS BANK USA BANK OF AMERICA NA Wells Fargo Bank NA HSBC NA MORGAN STANLEY BANK NA STATE STREET BANK&TRUST CO BANK OF NEW YORK MELLON PNC BANK NATIONAL ASSN SUNTRUST BANK NORTHERN TRUST CO TD BANK NATIONAL ASSN U S BANK NATIONAL ASSN MUFG UNION BANK NA KEYBANK NATIONAL ASSN REGIONS BANK FIFTH THIRD BANK BRANCH BANKING&TRUST CO CAPITAL ONE NATIONAL ASSN CITIZENS BANK NATIONAL ASSN BOKF NATIONAL ASSN HUNTINGTON NATIONAL BANK COMPASS BANK CAPITAL ONE BANK USA NA “ TOP 25 COMMERCIAL BANKS, SAs & TCs WITH DERIVATIVES OTHER COMMERCIAL BANKS, SAs & TCs WITH DERIVATIVES TOTAL COMMERCIAL BANKS, SAs & TCs WITH DERIVATIVES OH SD NY NC SD VA UT MA NY DE GA IL DE OH CA OH AL OH NC VA RI OK OH AL VA TOTAL ASSETS TOTAL DERIVATIVES $1,954,125 1,337,821 127,605 1,616,426 1,579,174 198,269 130,678 242,408 302,197 351,502 183,166 119,640 241,083 410,890 114,358 93,147 123,859 139,456 203,893 254,436 104,924 30,355 70,015 84,682 96,692 $51,907,395 51,201,146 43,621,441 27,811,096 6,147,111 4,468,721 2,248,781 1,336,795 1,117,690 369,836 249,933 241,261 192,795 184,231 95,169 79,850 79,579 69,359 61,104 56,759 44,902 39,763 32,739 31,431 28,699 $10,110,803 4,112,594 14,223,397 $191,717,586 483,263 192,200,849 TOTAL TOTAL TOTAL FUTURES OPTIONS FORWARDS (EXCH TR) (EXCH TR) (OTC) $1,238,989 $1,591,015 $8,392,673 1,471,162 739,913 7,014,993 1,897,886 1,601,932 4,969,828 2,915,231 250,707 6,399,009 234,397 150,322 490,977 77,005 45,580 841,491 39,675 43,956 435,082 15,798 1,291,083 45,120 956 579,157 47,834 17,000 20,723 22,748 16,756 17,945 0 226,128 0 11,823 4,663 4,170 57,413 2,969 22,936 23,213 7,801 2,118 90 18,034 411 140 7,588 652 9,591 17 1,096 0 8,713 171 378 34,319 106 2,903 422 1,107 0 7,787 $8,040,587 3,128 8,043,715 $4,462,914 1,083 4,463,998 $30,870,200 74,186 30,944,386 TOTAL SWAPS (OTC) $28,028,656 CREDIT DERIVATIVES (OTC) $3,499,604 31,266,198 28,669,757 14,281,740 4,665,160 2,930,344 1,034,693 4,396 423,644 251,481 125,788 14,093 179,733 93,748 58,896 42,699 53,859 45,127 40,709 53,907 31,948 2,709 27,570 22,937 20,912 8,275,889 6,310,210 2,149,577 574,612 361,803 689,149 25,517 68,658 27,570 61,627 1,040 503 19,804 10,358 5,556 3,706 14,206 10,152 13 2,568 2,187 1,086 6,965 2,432,991 171,828 1,814,832 31,643 212,499 6,226 155 5,228 5,069 736 4,432 10 580 1,771 1,887 1,726 1,673 1,073 0 $676,598 834,098 27,950 623,535 7,162 69,689 52,008 64,868 83,006 1,145 228 17,516 1,728 755 735 28 348 41 104 33 13 76 $112,370,705 326,901 112,697,606 $27,779,215 74,260 27,853,476 $8,193,964 3,704 8,197,668 $2,461,677 1,012 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 ” SPOT FX TOTAL OPTIONS (OTC) $9,156,458 TOP 25 COMMERCIAL BANKS, SAVINGS ASSOCIATIONS AND TRUST COMPANIES IN DERIVATIVES DECEMBER 31, 2015, $ MILLIONS TOTAL RANK 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 BANK NAME JPMORGAN CHASE BANK NA CITIBANK NATIONAL ASSN GOLDMAN SACHS BANK USA BANK OF AMERICA NA Wells Fargo Bank NA HSBC NA MORGAN STANLEY BANK NA STATE STREET BANK&TRUST CO BANK OF NEW YORK MELLON PNC BANK NATIONAL ASSN NORTHERN TRUST CO SUNTRUST BANK U S BANK NATIONAL ASSN TD BANK NATIONAL ASSN MUFG UNION BANK NA REGIONS BANK FIFTH THIRD BANK KEYBANK NATIONAL ASSN CAPITAL ONE NATIONAL ASSN BRANCH BANKING&TRUST CO CITIZENS BANK NATIONAL ASSN BOKF NATIONAL ASSN HUNTINGTON NATIONAL BANK COMPASS BANK CAPITAL ONE BANK USA NA “ TOP 25 COMMERCIAL BANKS, SAs & TCs WITH DERIVATIVES OTHER COMMERCIAL BANKS, SAs & TCs WITH DERIVATIVES TOTAL COMMERCIAL BANKS, SAs & TCs WITH DERIVATIVES STATE OH SD NY NC SD VA UT MA NY DE IL GA OH DE CA AL OH OH VA NC RI OK OH AL VA TOTAL ASSETS $1,914,658 1,299,801 134,695 1,639,305 1,610,580 183,138 136,028 240,898 319,258 348,291 116,391 186,711 417,458 246,486 115,384 125,121 138,621 93,038 273,232 205,126 108,065 31,273 70,880 85,427 102,172 $10,142,036 4,277,069 14,419,104 TOTAL DERIVATIVES $51,139,448 46,400,256 41,041,336 25,669,494 5,732,768 4,164,986 2,118,804 1,271,580 1,067,851 351,788 250,829 248,713 198,435 187,016 129,102 78,643 70,310 67,887 65,497 56,858 52,330 35,601 32,484 31,224 30,990 $180,494,231 478,962 180,973,192 TOTAL TOTAL FUTURES OPTIONS (EXCH TR) (EXCH TR) $893,828 $1,488,253 1,679,558 1,144,998 1,865,747 2,052,435 2,298,883 120,601 209,208 109,414 61,093 26,280 29,198 2,786 2,573 38,110 209 37,737 6,000 0 22,351 13,588 3,248 5,018 0 2,411 2,306 68 295 113 8,398 95 415 0 138 297 99 390 0 $7,156,082 3,407 7,159,488 $4,970,060 1,202 4,971,262 TOTAL SWAPS (OTC) $28,269,897 TOTAL OPTIONS (OTC) $8,478,963 CREDIT DERIVATIVES (OTC) $2,893,039 5,792,003 3,446,595 5,939,356 526,659 904,403 444,243 1,238,650 570,180 20,071 236,971 16,734 51,357 10,519 55,358 16,003 6,605 7,674 1,718 7,719 9,268 30,621 2,355 1,121 8,245 28,251,519 27,188,351 13,842,243 4,256,487 2,653,139 1,080,895 4,967 395,725 257,539 12,819 134,381 112,829 175,148 61,615 54,246 44,254 45,392 61,938 40,195 37,392 2,551 27,948 22,615 22,744 7,472,430 6,324,203 1,850,465 601,788 329,403 557,805 25,390 63,308 25,323 1,040 57,002 21,570 584 9,708 4,094 17,208 5,791 8,529 3,923 1,994 989 7,097 2,059,748 164,005 1,617,946 29,212 190,670 3,877 319 5,117 4,657 4,413 765 10 1,926 1,834 632 1,737 1,746 1,093 0 $90,307 342,200 7,853 404,112 4,353 42,724 36,499 37,065 52,706 1,067 10,712 99 1,003 498 71 300 567 12 28 44 17 55 103 $28,459,897 65,548 28,525,445 $107,056,830 335,738 107,392,568 $25,868,615 69,321 25,937,936 $6,982,748 3,746 6,986,493 $1,032,401 1,091 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 ” SPOT FX TOTAL FORWARDS (OTC) $9,115,468 TOP 25 COMMERCIAL BANKS, SAVINGS ASSOCIATIONS AND TRUST COMPANIES IN DERIVATIVES MARCH 31, 2016, MILLIONS OF DOLLARS TOTAL RANK BANK NAME JPMORGAN CHASE BANK NA CITIBANK NATIONAL ASSN GOLDMAN SACHS BANK USA BANK OF AMERICA NA WELLS FARGO BANK NA HSBC NA MORGAN STANLEY BANK NA STATE STREET BANK & TRUST CO BANK OF NEW YORK MELLON 10 PNC BANK NATIONAL ASSN 11 SUNTRUST BANK 12 NORTHERN TRUST CO 13 U.S BANK NATIONAL ASSN 14 TD BANK NATIONAL ASSN 15 MUFG UNION BANK NA 16 REGIONS BANK 17 CAPITAL ONE NATIONAL ASSN 18 KEYBANK NATIONAL ASSN 19 FIFTH THIRD BANK 20 BRANCH BANKING & TRUST CO 21 CITIZENS BANK NATIONAL ASSN 22 BOKF NATIONAL ASSN 23 COMPASS BANK 24 HUNTINGTON NATIONAL BANK 25 CAPITAL ONE BANK USA NA TOP 25 COMMERCIAL BANKS, SAs & TCs WITH DERIVATIVES OTHER COMMERCIAL BANKS, SAs & TCs WITH DERIVATIVES TOTAL COMMERCIAL BANKS, SAs & TCs WITH DERIVATIVES STATE OH SD NY NC SD VA UT MA NY DE GA IL OH DE CA AL VA OH OH NC RI OK AL OH VA TOTAL ASSETS TOTAL DERIVATIVES $2,015,718 1,342,643 143,403 1,653,947 1,667,785 198,798 136,966 239,278 299,816 350,643 189,908 117,434 423,204 253,738 120,033 124,637 271,188 96,390 139,966 206,875 109,313 31,211 87,629 72,469 99,552 $10,392,544 4,365,326 14,757,870 $52,911,434 52,052,635 44,434,385 26,262,286 5,995,075 4,203,729 2,237,218 1,334,726 1,014,883 370,609 263,627 259,352 234,024 179,787 127,972 83,056 74,425 68,688 66,967 58,295 53,409 41,070 34,597 31,922 30,091 $192,424,262 522,989 192,947,250 TOTAL TOTAL TOTAL TOTAL FUTURES OPTIONS FORWARDS SWAPS (EXCH TR) (EXCH TR) (OTC) (OTC) $1,072,240 $1,231,228 $9,076,408 $29,661,994 1,460,180 1,500,086 6,010,525 32,510,230 2,369,614 3,032,943 3,892,352 28,456,295 2,312,470 168,558 6,231,946 14,016,372 163,487 170,801 819,646 4,148,796 67,491 12,716 539,508 3,039,283 27,941 3,662 539,461 1,098,874 13,166 1,291,731 5,057 32,469 155 554,175 372,149 37,661 18,000 19,536 262,978 24,540 16,034 20,149 137,344 0 243,574 14,640 4,243 3,955 63,972 134,497 0 9,512 168,771 3,344 50,975 64,248 2,727 95 18,310 55,539 65 1,638 70,570 6,938 6,129 49,454 322 79 6,744 43,594 309 9,618 41,042 0 9,924 36,225 123 402 35,329 2,747 330 1,687 24,740 49 2,670 27,009 0 8,012 22,079 $7,599,709 $6,158,715 $29,463,531 $114,464,529 6,093 1,689 81,227 349,913 7,605,802 6,160,404 29,544,758 114,814,442 TOTAL OPTIONS (OTC) $8,747,069 CREDIT DERIVATIVES (OTC) $3,122,495 8,345,110 6,518,114 1,879,245 662,318 360,115 563,172 24,771 55,530 26,586 60,590 1,089 22,576 736 9,396 4,403 90 5,735 13,724 7,326 4,952 2,469 7,840 1,043 $27,323,999 80,013 27,404,012 2,226,504 165,067 1,653,695 30,027 184,616 4,108 405 5,848 4,969 49 4,781 767 10 1,982 2,062 432 2,503 2,308 0 1,151 $7,413,779 4,054 7,417,833 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 SPOT FX $751,937 918,122 14,627 625,328 7,003 29,173 49,287 65,603 71,360 1,089 153 20,706 2,979 753 17 25 621 333 32 98 45 72 $2,559,382 1,730 2,561,112 TOP 25 COMMERCIAL BANKS, SAVINGS ASSOCIATIONS AND TRUST COMPANIES IN DERIVATIVES JUNE 30, 2016, MILLIONS OF DOLLARS TOTAL RANK 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 BANK NAME STATE JPMORGAN CHASE BANK NA CITIBANK NATIONAL ASSN GOLDMAN SACHS BANK USA BANK OF AMERICA NA Wells Fargo Bank NA HSBC NA MORGAN STANLEY BANK NA STATE STREET BANK&TRUST CO BANK OF NEW YORK MELLON PNC BANK NATIONAL ASSN SUNTRUST BANK NORTHERN TRUST CO U S BANK NATIONAL ASSN TD BANK NATIONAL ASSN MUFG UNION BANK NA REGIONS BANK CAPITAL ONE NATIONAL ASSN KEYBANK NATIONAL ASSN FIFTH THIRD BANK BRANCH BANKING&TRUST CO CITIZENS BANK NATIONAL ASSN BOKF NATIONAL ASSN COMPASS BANK HUNTINGTON NATIONAL BANK CAPITAL ONE BANK USA NA “ TOP 25 COMMERCIAL BANKS, SAs & TCs WITH DERIVATIVES OTHER COMMERCIAL BANKS, SAs & TCs WITH DERIVATIVES TOTAL COMMERCIAL BANKS, SAs & TCs WITH DERIVATIVES OH SD NY NC SD VA UT MA NY DE GA IL OH DE CA AL VA OH OH NC RI OK AL OH VA TOTAL ASSETS TOTAL DERIVATIVES $2,051,004 1,365,660 160,666 1,657,878 1,699,435 206,206 135,608 251,261 298,719 350,224 194,679 121,145 433,463 255,727 115,975 125,256 278,661 99,138 141,112 217,159 112,992 31,817 86,738 73,864 103,537 $53,282,233 50,159,340 41,372,238 26,862,637 6,835,435 4,175,694 2,122,485 1,389,582 1,017,825 359,823 275,572 265,237 261,106 174,778 145,615 86,432 79,038 71,872 66,227 62,750 60,060 47,083 36,226 31,397 31,218 $10,567,923 4,461,491 15,029,414 $189,271,906 560,605 189,832,511 TOTAL TOTAL TOTAL FUTURES OPTIONS FORWARDS (EXCH TR) (EXCH TR) (OTC) $1,073,154 $1,557,081 $9,606,442 1,744,618 1,363,701 5,672,004 1,524,560 2,568,209 4,759,495 2,012,935 134,502 6,928,682 135,634 131,637 1,517,762 89,953 46,478 552,569 39,506 8,715 479,567 10,882 1,347,622 26,707 62 556,249 19,461 14,000 22,226 29,734 14,291 21,310 0 250,017 6,482 3,580 60,155 0 8,256 4,074 67,874 4,151 19,324 86 2,350 6,283 6,355 371 61 6,240 376 11,471 0 10,909 180 476 40,651 221 1,615 83 2,664 0 8,249 $6,729,452 9,862 6,739,314 $5,842,793 1,901 5,844,694 $31,960,057 90,419 32,050,476 TOTAL OPTIONS (OTC) $8,385,209 CREDIT DERIVATIVES (OTC) $2,673,767 30,800,530 26,299,069 14,580,309 4,307,722 2,952,885 1,008,120 5,006 383,430 270,975 142,513 14,082 161,350 165,135 65,082 56,239 74,398 52,457 43,780 44,154 41,668 2,946 26,149 26,314 22,969 8,247,046 6,067,117 1,747,726 710,958 370,690 578,235 26,072 51,061 26,819 62,838 1,089 24,669 736 8,575 4,424 117 6,301 13,208 6,748 5,071 2,830 8,241 1,079 2,331,441 153,788 1,458,483 31,722 163,119 8,342 316 6,343 4,885 49 4,870 652 10 2,295 2,088 477 2,567 2,413 0 1,257 $785,211 922,843 8,282 539,758 6,066 29,982 62,783 74,192 60,290 1,081 225 20,596 2,030 351 64 15 674 256 24 65 24 23 93 $111,533,862 366,778 111,900,639 $26,356,860 87,214 26,444,074 $6,848,883 4,432 6,853,314 $2,514,942 1,859 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 ” SPOT FX TOTAL SWAPS (OTC) $29,986,580 ... CHƯƠNG 5: MỘT SỐ GIẢI PHÁP NHẰM PHÁT TRIỂN GIAO DỊCH PHÁI SINH TẠI CÁC NH THƯƠNG MẠI VIỆT NAM 140 5.1 Điều kiện phát triển giao dịch tài phái sinh NHTM Việt Nam 140 5.1.1 Điều... đại học kinh tế quốc dân ĐặNG HƯƠNG GIANG PHáT TRIểN GIAO DịCH TàI CHíNH PHáI SINH TạI CáC NGÂN HàNG THƯƠNG MạI VIệT NAM Chuyên ngành: TàI CHíNH NGÂN HàNG Mã sè: 62340201 Ng−êi h−íng dÉn khoa... Ngân hàng TMCP Đầu tư phát triển Việt Nam (BIDV) - Ngân hàng TMCP Công thương Việt Nam (Vietinbank) - Ngân hàng TMCP Á Châu (ACB) - Ngân hàng TMCP Kỹ Thương Việt Nam (Techcombank) - Ngân hàng