by Ted Butler, Silver Seek:
The new Office of the Comptroller of the Currency quarterly OTC derivatives report for positions held as of March 31 was, once again, a stunner.
First, a few words on background about the report. This report is published by the OCC, a unit of the US Treasury Department, designed to highlight the Over the Counter (not listed or traded on an exchange) derivatives positions of the largest US banks in a variety of categories; with the largest categories being interest rate and credit derivatives. The purpose of the report is to head off and eliminate any serious risks to the banks and the financial system as a result of too concentrated or excessively-risky derivatives positions.