Aggregate trading in exchange-traded financial derivatives
rebounded strongly in the first quarter of 2003 compared to the
previous quarter, according to the most recent Quarterly Review
from Bank for International Settlements (BIS).
In particular, transactions in interest rate contracts
expanded by 18% to $179.8 trillion, said BIS, compared to a
decline of 13% in the fourth quarter of last year. The most
notable area of activity was trading in Europe, where turnover
expanded by 37% to $83.7tr, driven in part by volatile European
equity markets and appreciation of the euro. Transactions in
European money market contracts, largely on Euribor, rose by
35% to $67.t1tr, while those in European government bonds,
mainly on German government bonds, were up by 46% to $16.1tr.
Significantly, options on all types of fixed income futures
contracts grew by nearly 60%.
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