[habs4ever]

You didn't mention whether JPM is acting as agent or principal in most of its transactions. While off balance sheet finance can seem risky, what with various swaps and the like with differing maturities, it isn't the bank that accepts the risk, its another party.Over the counter options are also very liquid, and banks rarely allow open postions simply because they want to keep their books flat.Do you know much about the trading culture? I ask because this is my field, and very few firms actually risk that much capital, as they tend to hedge and capture the vig.Turnover it the game for them, as they aren't position traders at all.

[NativeNewYorker]

This is my field too, and the article does not set the seemingly enormous numbers in the context of net exposure.