By April of this year, London continued to be the world's leading over-the-counter derivatives center, with a daily turnover of almost USD 1.1 trillion, or 42.5% of the world total. This share of turnover fell marginally from 42.6% in April 2004. However, the decline was almost negligible in the context of the steep absolute rise in daily volumes, which jumped almost 69% to USD 2.54 trillion from USD 1.51 trillion during the 3-year period, according to data from the Bank for International Settlements. BIS data also revealed that between year-end 2005 and 2006, notional outstanding values of OTC derivatives jumped by 39.2%, to USD 415 trillion from USD 298 trillion.

The proportion of the global market trading in OTC derivatives originating in the United States rose slightly to 23.9% from 23.5% between April 2004 and April 2007. Singapore share of OTC derivatives trading went upto 2.7%, Switzerland’s share rose to 2.9% in April 2007, Japan’s market share amounted to 3.3% in 2007 and Germany’s contribution to OTC derivatives trading was 3.7% in 2007. The biggest percentage growth has been in Ireland, amounting to 3.3%.

 

SEC eases Accounting requirements

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