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FAZ-inating:Fitch has released a comprehensive study on derivatives held by various corporations and has come out with some disturbing results: as Zero Hedge's recent disclosure of data from the Office of the Comptroller of the Currency confirmed, the bulk of the derivative risk is concentrated not merely in the "financial company" category (99.7%) but in a subset of just five companies, which account for an "overwhelming majority" of derivative assets and liabilities.

The companies in question (Total Notional Derivatives: Assets & Liabilities, $ in Trillions)

* JP Morgan:$81.7;
* Bank of America:$80.0;
* Citigroup:$31.5;
* Morgan Stanley:$39.3, and of course
* Goldman Sachs: $47.8 (this is an OCC estimate: Goldman has not disclosed notional amounts in their derivative book, only # of contracts);

If you want a preview of what the Basel III definition of "Too Big To Fail" will look like, the above five companies is a great place to start.

http://www.zerohedge.com/article/fitch-financial-companies-hold-997-all-derivative-contracts