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The office of the Comptroller of the Currency recently reported fourth-quarter U.S. Commercial Bank derivative data. For the quarter, Total Derivative positions (notional value) expanded at a 24% annualized rate to $71.1 Trillion. By type of risk, Interest Rate derivatives expanded at a 25% rate to $61.9 Trillion; Currencies at a rate of 16% to $7.2 Trillion; Credit at a rate of 61% to $1.0 Trillion; and Other at a negative 6% rate to $1.0 Trillion. By Product, Swaps expanded at a 28% rate to $44.0 Trillion, Futures & Forwards at a 20% rate to $11.4 Trillion, and Options at a 12% rate to $14.6 Trillion. Total Derivative positions ballooned 57% over two years, with Interest Rate derivatives up 61% over 24 months. Over the past year, JPMorgan’s positions increased 30% to $37.4 Trillion, BofA’s 22% to $15.2 Trillion, and Citigroup’s 26% to $12.6 Trillion. At the end of 2003, these three major derivative players accounted for 92% of total derivative positions.