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4. Derivatives markets
The aggregate turnover of exchange-traded financial derivatives contracts expanded strongly in the second quarter of 2004. The combined value of trading in interest rate, stock index and currency contracts amounted to $304 trillion, a 12% rise from the first quarter of the year (Graph 4.1). The busy quarter followed an even more active first quarter, resulting in 43% growth for the first half of the year. This represented a remarkable recovery from the second half of 2003, when turnover had fallen by 16%. However, the expansion was not shared by all risk categories and was uneven across geographical areas. Indeed, activity fell for currency contracts and stagnated for stock indices. Turnover in currency derivatives contracted by 8%, a striking reversal of the 35% rise in the previous quarter. Even for interest rate contracts, the increase in trading for bond futures and options was slight, with money market contracts accounting for most of the growth. Geographically, turnover was weak across the board in Europe, with trading in currencies dropping by nearly 50% and that in interest rates and stock indices by 14%. In the United States, activity declined for currencies and stock indices (by 9% and 4% respectively) but was very strong for interest rates, especially short-term contracts, trading in which grew by nearly 50%.
http://www.bis.org/publ/qtrpdf/r_qt0409d.pdf
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Also, ehrlich gesagt, kann ich die effektiven Auswirkungen nicht recht einschätzen. Deshalb Im Grunde nur so zur Info gedacht.
Nichtsdestotrotz fällt auf, daß sich das Volumen innerhalb von nur 4,5 Jahren (seit '00) verdreifacht hat. Außerdem finde ich die absolute Zahl von 304 deutschen Billionen $ irgendwie erwähnenswert.
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