TABLE 1
FROM:
Insurers are not Banks: Assessing Liquidity, Efficiency and Solvency Risk Under Alternative Approaches to Capital Adequacy
Paul Kupiec and David Nickerson
BACK TO ARTICLETable 1. Risk market participation by large financial institutions
| Firm | Assets | Derivatives | Regulator | ||
|---|---|---|---|---|---|
| 2000 | 1999 | 2000 | 1999 | ||
| JPMorganChase | 715,348 | 667,003 | 24,526,022 | 21,812,900 | FRB (U.S.) |
| Deutsche Bank AG | 875,112 | 845,744 | 9,066,715 | 7,654,199 | BAKred (Germany) |
| BNP Paribas | 592,733 | 703,599 | 7,810,911 | 7,430,370 | CRBF/CM (France) |
| Citigroup | 902,210 | 716,937 | 7,813,851 | 7,351,197 | FRB (U.S.) |
| Bank of America Co. | 642,191 | 632,574 | 7,521,960 | 5,127,219 | FRB (U.S.) |
| Merrill Lynch | 383,904 | 329,554 | 5,313,890 | 3,939,000 | SEC (U.S.) |
| UBS Warburg | 679,998 | 616,428 | 5,151,499 | 5,619,394 | CFDB (Switzerland) |
| Morgan Stanley | 421,279 | 366,967 | 4,529,631 | 3,404,000 | SEC (U.S.) |
| Barclays PLC | 472,230 | 411,442 | 4,525,490 | 2,732,869 | FSA (U.K.) |
| Lehman Brothers | 225,668 | 192,244 | 3,752,600 | 2,895,650 | SEC (U.S.) |
| HypoVeriensbank | 674,670 | 506,748 | 1,860,450 | 1,570,308 | BAKred (Germany) |
| Wachovia | 328,202 | 259,757 | 1,142,715 | 631,344 | FRB (U.S.) |
| CIBC | 178,587 | 172,447 | 995,994 | 1,263,387 | OSFI (Canada) |
| Goldman Sachs | 289,760 | 250,491 | 942,152 | 809,205 | SEC (U.S.) |
| Bank of Montreal | 155,675 | 159,788 | 935,526 | 811,035 | OSFI (Canada) |
| Dresdner AG | 232,871 | 204,348 | 929,834 | 795,602 | BAKred (Germany) |
| Bank One | 269,300 | 269,425 | 807,639 | 1,031,089 | FRB (U.S.) |
| Nomura Holdings | 141,125 | 122,407 | 729,005 | 632,314 | FSA (U.K.) |
| Bear Stearns | 171,200 | 162,000 | 596,900 | 622,300 | SEC (U.S.) |
| AIG | 426,671 | 383,685 | 521,021 | 413,357 | NYID/SEC (U.S.) |
| FHLBS | 583,212 | 434,002 | 494,621 | 382,421 | FHFB (U.S.) |
| FreddieMac | 459,297 | 386,684 | 467,281 | 409,920 | OFHEO (U.S.) |
| FleetBoston Financial Corp. | 179,519 | 190,692 | 391,726 | 292,250 | FRB (U.S.) |
| FannieMae | 675,072 | 575,167 | 324,812 | 251,570 | OFHEO (U.S.) |
| Bank of New York | 77,114 | 74,756 | 312,311 | 316,689 | FRB (U.S.) |
| HSBC North America | 104,299 | 90,240 | 239,232 | 202,544 | FRB (U.S.) |
| Wells Fargo | 272,426 | 218,102 | 231,921 | 221,005 | FRB (U.S.) |
| CSFB Securties/DLJ | 103,751 | 109,012 | 163,600 | 130,900 | SEC (U.S.) |
| State Street Co. | 69,298 | 60,899 | 143,666 | 131,251 | SEC (U.S.) |
| KeyCorp | 87,165 | 83,344 | 79,913 | 65,364 | FRB (U.S.) |
| National City | 88,535 | 87,121 | 59,926 | 57,349 | FRB (U.S.) |
| ABN Amro North Am | 96,753 | 63,743 | 52,203 | 53,520 | FRB (U.S.) |
| Mellon Financial Corp. | 50,564 | 48,227 | 45,058 | 54,932 | FRB (U.S.) |
| Metropolitan Life | 255,018 | 225,232 | 13,477 | 20,834 | NYID/SEC (U.S.) |
Selected end-of-year balance sheet, derivatives and regulatory data, ranked by magnitude of notional OTC derivatives contracts outstanding in 2000 and denominated in millions of nominal U.S. dollars, for a sample of the 50 financial firms most active in OTC derivatives transactions and serving as counterparties to U.S. financial institutions, including financial and bank holding companies (FHC/BHC), insurance/reinsurance firms and U.S. housing GSEs, in 1999 and 2000. Data are listed for domestic or international parent of U.S. securities firm or FHC/BHC when data are unavailable on subsidiary, with associated primary regulator of parent institution and country of origin. Primary regulators for firms in the sample are: Federal Reserve Board (FRB), Securities and Exchange Commission (SEC), New York and other U.S. state insurance departments (NYID), coordinated through National Association of Insurance Commissioners (NAIC), Bundesaufsichtsamt für das Kreditwesen (Federal Banking Supervisory Office (BAKred)), Banking and Financial Regulatory Committee, Ministry for Economic Affairs and Finance/Banking Commission of Banque de France (CRBF/CM), Commission Fédérale des Banques (Swiss Federal Banking Commission), Financial Services Authority (FSA), Office of the Superintendent of Financial Institutions, Ministry of Corporate and Consumer Affairs Canada (OSFI), Federal Housing Finance Board (FHFB), and Office of Financial Housing Enterprises Oversight (OFHEO).
