When I looked at this, I noticed a number of issues that I would like to understand before I rushed into publication as Zerohedge has:
- The OCC survey only includes commercial banks registered in the US and doesn't include data from a long list of international banks registered and reporting elsewhere;
- Some of the product aggregation rules have changed. I would like to see the previous quarter number configured under the new rules to understand the impact of the change;
- Why hasn't this massive change in concentration been reflected in price action?
The last point is crucial. Zerohedge are very good at dredging up obscure data which is not particularly useful in explained price movements.