will tonight signal revival of the bear market, page-64

I thing the Aussie big 4 amount is about $3,000-4,000 billion or about 5% of the global total.

However, a lot of this is FX contracts (Spot (T+3) and forward), and interest rate derivatives - futures, swaps etc. In many of these contracts, particularly interest rate swaps, then notional amount is only the reference amount, so a $1b contract might have a pay leg of fixed 5% and a receive leg of BBSW +25. FX contracts are simply buy $1b AUD, sell $$0.9b US$ that have been purchased forward either spot for settlement in a few days or a longer period of time. Most are also intra-bank which are usually cash collateralised, so as the value of the contracts move banks work out net liability to each other and deposit cash collateral.

Not so scary now - numbers are usually bandied around by people with no clue.

Tear them up and start again - to what purpose?