RCFD8709: Written OTC Interest Rate Option Contracts
RCFD8709 is the call report code for written otc interest rate option contracts, reported on Schedule RC-L, Derivatives and Off-Balance-Sheet Items. For Q2 2026, 80 banks reported it, totaling $19.45T; the median among the 39 with a nonzero amount was $2.48B. The largest value reported for Q2 2026 was $5.18T, by Goldman Sachs Bank USA.
Definition
Interest rate options includes options to purchase and sell interest-bearing financial instruments and whose predominant risk characteristic is interest rate risk as well as contracts known as caps, floors, collars, corridors, and swaptions. Included is the notional principal amount for interest rate caps and floors that the reporting entity sells. For interest rate collars and corridors, a notional amount for the written portion of the contract is reported in this item, column A, and for the purchased portion of the contract in item 8713, column A. Over-the-counter option contracts. Option contracts conveys either the right or the obligation, depending upon whether the reporting bank is the purchaser or the writer, respectively, to buy or sell a financial instrument or commodity at a specified price by a specified future date. Options can be written to meet the specialized needs of the counterparties to the transaction. These customized option contracts are known as over-the-counter (OTC) options. Thus, over-the-counter option contracts includes all option contracts not traded on an organized exchange. The buyer of an option contract has, for compensation (such as a fee or premium), acquired the right (or option) to sell to, or purchase from, another party some financial instrument or commodity at a stated price on a specified future date. The seller of the contract has, for such compensation, become obligated to purchase or sell the financial instrument or commodity at the option of the buyer of the contract. A put option contract obligates the seller of the contract to purchase some financial instrument or commodity at the option of the buyer of the contract. A call option contract obligates the seller of the contract to sell some financial instrument or commodity at the option of the buyer of the contract. In addition, swaptions, i.e., options to enter into a swap contract, and contracts known as caps, floors, collars, and corridors are reported as options.
Source: Federal Reserve Micro Data Reference Manual (MDRM). The FFIEC call report instructions remain the authority on how to report the item.
Where RCFD8709 sits on the call report
| Code | RCFD8709 (prefix RCFD, item 8709) |
|---|---|
| Prefix RCFD | The consolidated bank, domestic and foreign offices, reported by FFIEC 031 filers (banks with foreign offices). |
| Schedule | RC-L, Derivatives and Off-Balance-Sheet Items |
| Reported on | FFIEC 031 |
| Value | Dollar amount, reported in thousands, as of the quarter end |
| In the MDRM since | 1993 |
The same item under other prefixes
Item 8709 is also reported under these codes. Which banks file each one depends on the form they file.
| Code | Meaning of the prefix | Banks reporting |
|---|---|---|
| RCON8709 | Domestic offices. Banks without foreign offices (FFIEC 041 and 051 filers) report their whole balance sheet in RCON items | 935 |
Largest reported values, Q2 2026
| Bank | Headquarters | RCFD8709 |
|---|---|---|
| Goldman Sachs Bank USA | New York, NY | $5.18T |
| JPMorgan Chase Bank, N.A. | Columbus, OH | $4.15T |
| Morgan Stanley Bank, N.A. | Salt Lake City, UT | $3.62T |
| Citibank, N.A. | Sioux Falls, SD | $3.20T |
| Bank of America, N.A. | Charlotte, NC | $1.87T |
| Wells Fargo Bank, N.A. | Sioux Falls, SD | $1.11T |
| U.S. Bank N.A. | Cincinnati, OH | $123.16B |
| Capital One, N.A. | McLean, VA | $50.63B |
| The Bank of New York Mellon | New York, NY | $40.44B |
| PNC Bank, N.A. | Wilmington, DE | $24.86B |
Total reported by quarter
| Quarter end | Banks reporting | Total reported |
|---|---|---|
| June 30, 2026 | 80 | $19.45T |
| March 31, 2026 | 80 | $19.33T |
| December 31, 2025 | 80 | $14.66T |
| September 30, 2025 | 80 | $15.03T |
| June 30, 2025 | 80 | $14.41T |
| March 31, 2025 | 82 | $13.86T |
| December 31, 2024 | 82 | $13.36T |
| September 30, 2024 | 82 | $14.14T |
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