The New York Federal Reserve Bank's survey of activity in the U.S. foreignexchange and derivatives markets shows that daily turnover in derivatives jumped48% to $135 billion a day in April 2001 from April 1998?EUR?the last time thesurvey was conducted while foreign exchange trading fell 28% to $254 millionduring the same period.

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

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