Key facts
- Top US banks' derivatives portfolios expanded significantly in Q1 2026.
- Credit, commodity, and interest rate instruments saw substantial growth.
- Credit default swap notionals increased for both sold and purchased positions.
- Sold CDS notionals rose to $2.97 trillion, and purchased CDS notionals reached $3.22 trillion.
The first quarter of 2026 saw a substantial expansion in the derivatives portfolios of top US banks. Holdings across credit, commodity, and interest rate instruments experienced significant growth. Specifically, credit default swap (CDS) notionals surged, with both sold and purchased instruments seeing notable increases. Across the eight US global systemically important banks (G-Sibs), sold CDS notionals rose by 28.2% to $2.97 trillion, while purchased CDS notionals increased by 23.7% to $3.22 trillion.