mardi 30 avril 2013

Produits dérivés : la Deutsche Bank surpasse de loin les banques américaines

Jusqu'ici, on avait via le Comptroller of the Currency US une vision relativement chiffrée du notionel de dérivés géré par les banques US. Pour l'Europe en revanche, c'était le grand flou...

Et visiblement, il commence à sortir des chiffres... Des chiffres encore plus énormes que ceux des banques US, où comme toujours l'Europe ressort toujours beaucoup plus leviérisée que les USA...

At $72.8 Trillion, Presenting The Bank With The Biggest Derivative Exposure In The World (Hint: Not JPMorgan)
ZeroHedge, 29/04/2013 (traduire en Français texte en anglais )
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Moments ago the market jeered the announcement of DB's 10% equity dilution, promptly followed by cheering its early earnings announcement which was a "beat" on the topline, despite some weakness in sales and trading and an increase in bad debt provisions (which at €354MM on total loans of €399.9 BN net of a tiny €4.863 BN in loan loss allowance will have to go higher. Much higher). Ironically both events are complete noise in the grand scheme of things. Because something far more interesting can be found on page 87 of the company's 2012 financial report.

The thing in question is the company's self-reported total gross notional derivative exposure.

And while the vast majority of readers may be left with the impression that JPMorgan's mindboggling $69.5 trillion in gross notional derivative exposure as of Q4 2012 may be the largest in the world, they would be surprised to learn that that is not the case. In fact, the bank with the single largest derivative exposure is not located in the US at all, but in the heart of Europe, and its name, as some may have guessed by now, is Deutsche Bank.

The amount in question? €55,605,039,000,000. Which, converted into USD at the current EURUSD exchange rate amounts to $72,842,601,090,000.... Or roughly $2 trillion more than JPMorgan's.

JP Morgan étant la banque US au portefeuille de dérivés le plus important.

The WilliamBanzai7 Blog, 29/04/2013 (traduire en Français texte en anglais )
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FWMD, c'est pour "Financial Weapons of Mass Destruction"...

Décidément, on entend beaucoup parler de la Deutsche Bank... Et rarement en bien...

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