The Office of the Comptroller of the Currency reports that in the second quarter, U.S. commercial banks increased the amount of derivatives in their portfolios by $3.8 trillion to $50.1 trillion--the second highest amount ever recorded (www.occ.treas.gov/ ftp/release/2002-70.doc). (Investments).The Office of the Comptroller of the Currency The Office of the Comptroller of the Currency (or OCC) was established by the National Currency Act of 1863 and serves to charter, regulate, and supervise all national banks and the federal branches and agencies of foreign banks in the United States. reports that in the second quarter, U.S. commercial banks increased the amount of derivatives in their portfolios by $3.8 trillion One thousand times one billion, which is 1, followed by 12 zeros, or 10 to the 12th power. See space/time. (mathematics) trillion - In Britain, France, and Germany, 10^18 or a million cubed. In the USA and Canada, 10^12. to $50.1 trillion--the second highest amount ever recorded (www.occ.treas.gov/ ftp/release/2002-70.doc). According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the OCC, bank risk managers used this strategy to hedge their investment positions in response to heightened uncertainty in the financial markets. |
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