The two global banks with the largest derivatives exposures are J.P. Morgan and Deutsche Bank. The derivatives exposure of J.P. Morgan is around $70,000 billion and of Deutsche Bank €55,000 billion. These figures are, respectively, about one-and-a-half times the total value of all the assets in the USA, and twenty times German national income. But the numbers in the balance sheets of these banks are much lower. Deutsche Bank declares its investment in derivatives at €768 billion: not a small amount, but only a modest fraction of the bank’s exposure. Deutsche Bank’s financial position is set out in Fig. 9.