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Sterling and Yen Derivatives Drive FX Growth: BIS
The BIS semi-annual survey of OTC derivatives finds that while the interest rate segment continues to dominate outstanding derivatives balances, FX outstandingsd grew strongly driven by sterling and yen contracts. The BIS says the gross market value of OTC derivatives – that is, the cost of replacing all outstanding contracts at current market prices – rose to $20.7 trillion at end-June 2016 from $14.5 trillion at end-2015. The market value of foreign exchange derivatives involving the yen and pound sterling more than doubled in the first half of 2016 on the back of sharp moves in the respective currencies.

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