Explains why notional is not a useful measure of market or credit risk; it reports insured U.S. commercial-bank figures, not a BlackRock-only position. No opened BlackRock 10-K or N-PORT evidence supported the claimed $20 trillion BlackRock total or record 2020 derivatives-desk profits.
The notional amount of a derivative contract is a reference amount that determines contractual payments, but it is generally not an amount at risk.
PDF pp.3, 10
Explains why notional is not a useful measure of market or credit risk; it reports insured U.S. commercial-bank figures, not a BlackRock-only position. No opened BlackRock 10-K or N-PORT evidence supported the claimed $20 trillion BlackRock total or record 2020 derivatives-desk profits.