Over-the-counter derivatives usage was up 25% in 1997, statistics released today show.
The notional value of OTC transactions in interest rate swaps and options and currency swaps rose 25% to $22.2 trillion in 1997.
The second half of the year, though, saw a drop, with swaps activity falling off 40% from the first half.
Outstanding OTC transactions stood at $29 trillion of notional value at year end, an increase of 14% from the previous year.
The data, compiled by Arthur Andersen, was based on information from 77 members of the International Swaps and Derivatives Association.