OCC: Trading revenue increased in first quarter

Commercial banks reported total trading revenue of $17.6 billion in the first quarter of 2023, up 83.3% from the previous quarter and up 66% compared with the year before, according to the OCC’s Quarterly Report on Bank Trading and Derivatives Activities released today.

A total of 1,176 insured U.S. national and state commercial banks and savings associations held derivatives, according to the report. Four large banks held 89% of the total banking industry notional amount of derivatives. Derivative contracts remained concentrated in interest rate products, which totaled $160.3 trillion, or 73.6%, of total derivative notional amounts.