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QD 0 Qrw dydlodeoh1 Fkdvh vwduwhg uhsruwlqj lq 4<<< lwv pdunhw ulvn h{srvxuh wr khgjh ixqg lqyhvwphqwv dv d vhsdudwh YDU fdwhjru|1 Sulru wr wkdw/ wkh pdunhw ulvn ri khgjh ixqgv zdv lq rwkhu fdwhjrulhv1 TABLE 1 Panel A: Description of VAR Disclosures for the 8 U.S. Commercial Banks with the Largest Derivatives Positions and That Report VAR Beginning in 1994 Reported Reported Description of method Reporting details First VAR Average End-quarter Bank as of Dec. 1999 as of Dec. 1999 disclosure VAR since VAR since Confidence level Bank of America "Sophisticated techniques" Average, min, max Dec-94 1998-Q3 NA 95%, 97.5%, 99% since Sept. 98 Bank of New York Monte Carlo simulations Average, end, min, max Dec-94 1996-Q4 1997-Q4 95%, 99% since Mar-98 Bankers Trust "Proprietary simulations" Average, end, min, max Dec-94 1998-Q3 1998-Q3 99% Chase Manhattan Historical simulation Average, end, min, max Dec-94 1994-Q4 1997-Q4 95%, 97.5%, 99% since Dec-97 Citicorp Covariance matrix Average, end, min, max Dec-94 1997-Q4 1997-Q4 97.7%, 99% since Dec-97 First Chicago Not described Average, end, min, max Dec-94 1994-Q1 1997-Q4 99.87%, 99% since Dec-97 J.P. Morgan Historical simulation Average, end, min, max Dec-94 1995-Q1 1997-Q4 95% NationsBank Scenario simulation End Dec-94 NA 1996-Q1 99% Panel B: Banks’ Book Value of Assets and Equity, and Derivatives Notional in 1994 and 1999 ($ Billions) Book Value of Assets Book Value of Equity Derivatives Notional Bank 1994 1999 Growth 1994 1999 Growth 1994 1999 Growth Bank of America $170 $633 272% $11.0 $44.4 304% $1,333 $5,672 326% Bank of New York $49 $75 53% $4.3 $5.1 19% $80 $318 298% Bankers Trust $97 $68 -30% $4.9 $4.3 -12% $1,982 $323 -84% Chase Manhattan $285 $406 42% $18.9 $23.6 25% $4,566 $12,720 179% Citicorp $250 $389 56% $17.8 $26.0 46% $2,265 $3,712 64% First Chicago/BankOne $113 $269 138% $7.8 $20.1 158% $622 $1,034 66% J.P. Morgan $155 $261 68% $9.6 $11.4 19% $2,489 $8,839 255% NationsBank $158 $308 95% $11.0 $26.7 143% $485 $2,355 386% Total $1,277 $1,776 39% $85 $117 37% $13,822 $29,301 112% Panel C: Banks' Quarterly Trading Revenues ($ Millions) and VAR-Based Quarterly Volatility from 1995 to 2000 ($ Millions) Trading-Related Unexpected VAR-Based Revenue Total Revenue Trading Revenue Quarterly Volatility Average Standard Average Percent Average Standard Rho(1) Average Standard Bank Deviation Trading Deviation Deviation Bank of America $253 $219 $8,695 2.9% $38 $226 0.15 $94 $45 Bank of New York $35 $19 $1,524 2.3% $6 $8 0.10 $16 $7 Bankers Trust $188 $235 $2,265 8.3% -$18 $229 -0.03 $70 $30 Chase Manhattan $564 $218 $7,703 7.3% $54 $186 -0.19 $74 $13 Citicorp $591 $150 $9,456 6.3% $44 $125 -0.27 $67 $16 First Chicago/BankOne $64 $29 $3,847 1.7% $4 $31 -0.10 $45 $7 J.P. Morgan $718 $297 $4,348 16.5% $75 $258 -0.04 $129 $36 NationsBank $75 $23 $4,959 1.5% $4 $27 -0.17 $67 $15 Notes: In Panel B, values in 1994 and 1999 are taken from annual reports as of December. “Growth” refers to the total growth rate of these items over the period. Deutsche Bank acquired Bankers Trust and made Bankers Trust a wholly-owned subsidiary in June 1999. Chase Manhattan merged with Chemical Bank on March 31, 1996; prior data are restated for the merged entity. First Chicago NBD merged with BancOne on October 2, 1998 to become Bank One; data prior to the merger is that of First Chicago NBD, which had relatively large derivatives positions. NationsBank merged with Bank of America in September 1998 so it disappeared from the sample after June 1998. The “total'' line excludes NationsBank in 1999 because another bank in the sample (Bank of America) absorbed its assets. Panel C presents averages and standard deviations from the first quarter of 1995 to the third quarter of 2000, except for NationsBank, for which data end in June 1998. “Unexpected trading revenues” is defined as the difference between the latest trading revenue and the average over the previous year. 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