Options use soars, says BIS

The total notional amount increased from $3.427 trillion in H1 2002 to $4.597 trillion for H1 2003. Lower upticks in outright forwards and currency swaps brought the total notional amount of all over-the-counter FX derivatives to just over $22 trillion, up 22% from $18 trillion for H1 2002.

Sara Sullivan, senior manager, FX options sales at ANZ Investment Bank in London, said hedging activity is increasing generally, but significant moves in FX drove a flight to options in particular.

"The

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