(December 1998)
The BIS is releasing today for end-June 1998 the first instalment of its semi-annual statistics on open positions in the global over-the-counter (OTC) derivatives market. This new reporting framework is based on a July 1996 central bank report entitled "Proposals for Improving Global Derivatives Statistics", the implementation of which was approved by the Governors of the central banks of the Group of Ten (G-10) countries in January 1997. Its format draws on the Triennial Central Bank Survey of Foreign Exchange and Derivatives Market Activity, whose preliminary global turnover results for April 1998 were released last October. The BIS will publish a more detailed analysis of foreign exchange and derivatives turnover (in April 1998) and amounts outstanding (at end-June 1998) in the spring of 1999. Recent financial events have added urgency to improving transparency in derivatives activity and such regular reporting will help the authorities and market participants to better monitor the global financial system.
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