Deutsche Bank’s derivatives book.
At 2014 year end, DB had derivatives which notional value was €52 trillion. The positive value was around €630 billion.
At 2015 year end, DB had derivatives which notional value was €42 trillion. The positive value was around €515 billion on total assets of €1.629 trillion.
So during 2015 derivatives exposure (notional) was reduced by €10 trillion or 19%.
As of June 30th 2016, DB does not give a number for notional value but the positive value has again increased to €615 billion. Total assets are €1.8 trillion.
Meanwhile the the net positive value of DBs derivatives portfolio is stable around €18 billion.
It is possible that DBs derivatives portfolio has increased in value by €100 billion, roughly 19% in 6 months without the notional amount going up correspondingly?
Did DB offload €10 trillion worth of notional derivatives before year end 2015 only to pad it back later?
Book equity is €67 billion but it’s trading at a 75% discount. The market values DB at €16.5 billion.
Brexit .... run for your life.