The New York Federal Reserve Bank's survey of activity in the U.S. foreign
exchange and derivatives markets shows that daily turnover in derivatives jumped
48% to $135 billion a day in April 2001 from April 1998?EUR?the last time the
survey was conducted while foreign exchange trading fell 28% to $254 million
during the same period.

The biggest gain in derivatives was in interest-rate swap trading, which surged
more than 160% to $82 billion a day. The Fed says 71% of derivatives
transactions were done between reporting dealers, while 20% represented trades
with other financial institutions and 8% were trades with non-financial
customers.