The Bank for International Settlements (BIS) estimates average daily turnover in "traditional" global FX instruments (spot, outright forwards and FX swaps) as $1.49 billion, a 25 per cent increase from the $1.19 billion in April 1995. The BIS figures represent a 8 per cent annualized growth. While the growth rate on other OTC FX derivatives (currency swaps and options) was considerably higher than in traditional ones, they remained at $97 billion, a small fraction of overall trading, the

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