JPM · 10-Q · 2026Q2 · Full report
Derivatives Market Activity
JPMORGAN CHASE & CO · 2026-08-06 · Importance 59 · Surprise 48 · In source text
Total derivative notional amounts increased to $65.8 trillion at June 30, 2026 from $50.6 trillion at December 31, 2025, a 29.9% increase. Interest-rate contract notionals rose 32.0% to $39.0 trillion, while foreign-exchange contract notionals increased 31.5% to $20.5 trillion. Equity contract notionals grew 17.4% to $4.0 trillion, with equity derivative payables increasing substantially in the balance-sheet fair value disclosures. Net derivative receivables rose to $67.8 billion from $57.8 billion, while net derivative payables increased to $66.5 billion from $46.3 billion.
Key facts
- Net protection (sold)/purchased for total credit derivatives was $95,287 million at June 30, 2026. source
- Credit default swaps protection sold notional amount was $(569,598) million at June 30, 2026 with protection purchased of $594,677 million and net protection purchased of $25,079 million. source
- Other credit derivatives protection sold notional amount was $(147,410) million at June 30, 2026 with protection purchased of $217,618 million and net protection purchased of $70,208 million. source
- Notional amount of total interest rate derivative contracts was $38,975 billion at June 30, 2026. source
- Total derivative notional amounts were $65,792 billion at June 30, 2026. source
- Total fair value of trading assets and liabilities (derivatives) was $690,600 million gross derivative receivables and $708,638 million gross derivative payables at June 30, 2026, with net derivative receivables $67,767 million and net derivative payables $66,488 million. source
- Derivative payables with appropriate legal opinion were $698,245 million gross and net derivative payables $56,095 million at June 30, 2026. source
- Principal transactions in Markets for the three months ended June 30, 2026: $8,783 million (Fixed Income $2,858 million; Equity $5,925 million). source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| assets | positive | contingent | +1.2% | Total credit derivatives protection purchased notional amount was $812,295 million at June 30, 2026. |
| liability | negative | contingent | -1.1% | Total credit derivatives protection sold notional amount was $(717,008) million as of June 30, 2026. |
| liability | negative | contingent | -0.8% | Total notional amount of protection sold on investment-grade reference entities was $(567,452) million at June 30, 2026. |
| liability | negative | contingent | -0.2% | Total notional amount of protection sold on noninvestment-grade reference entities was $(149,556) million at June 30, 2026. |
| assets | positive | realized | — | Total fair value of trading assets and liabilities (derivatives) was $690,600 million gross derivative receivables and $708,638 million… |
| liability | negative | realized | — | Total fair value of trading assets and liabilities (derivatives) was $690,600 million gross derivative receivables and $708,638 million… |
| liability | negative | realized | — | Derivative payables with appropriate legal opinion were $698,245 million gross and net derivative payables $56,095 million at June 30, 2026. |
| revenue | unclear | realized | — | Principal transactions in Markets for the three months ended June 30, 2026: $8,783 million (Fixed Income $2,858 million; Equity $5,925… |