22-3 The replacement cost of the derivative contracts for the top 25 derivative users was greater than the credit exposure as of June 2009.

Name: 22-3 The replacement cost of the derivative contracts for the top 25 derivative users was greater than the credit exposure as of June 2009.
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The replacement cost of derivative contracts is typically less than the credit exposure, as credit exposure includes potential future exposure, not just the current replacement cost.

22-3 the Replacement Cost of the Derivative Contracts for the Top