UK banks’ swaps exposures to overseas firms edge lower
Total net derivatives assets fell 4% over three months to end-June
The amount of derivatives held by UK banks with cross-border counterparties fell back sharply over the three months to end-June after growing hugely in the first quarter, Bank of England data shows.
As of Q2, the value of gross derivatives – assets plus liabilities – with non-UK banks stood at £2.96 trillion ($3.96 trillion), down almost 9% on Q1. Over the first three months of the year, these
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