Key facts
- Equity swap notional at US G-Sibs reached a record $5.5 trillion in Q2 2026.
- This represents a $766 billion increase from the previous quarter.
- The quarter-on-quarter increase was 16.3%, the largest since 2014.
The notional value of equity swap contracts at US global systemically important banks (G-Sibs) reached a record high in the second quarter of 2026. Across all reporting US G-Sibs, the aggregate notional value of these contracts climbed to $5.5 trillion. This represents a significant increase of $766 billion from the preceding quarter. The 16.3% quarter-on-quarter rise is the largest such jump recorded since these metrics began being publicly disclosed in 2014. The growth in equity swap notional outpaced that of options.