Chapter

Statistical Appendix

Author(s):
International Monetary Fund
Published Date:
January 1994
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Table A1United States: Estimated Ownership of Public Debt Securities by Private Investors1

(In percent of total privately held securities)2

19801981198219831984198519861987198819891990199119921993
Total privately held100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0
Domestic investors
Commercial banks18.216.015.517.615.013.412.311.29.98.27.59.110.410.4
Nonbank investors60.864.366.966.268.070.871.271.570.670.572.571.770.369.2
Individuals
Total19.016.013.713.011.910.910.210.010.210.710.210.310.210.2
Savings bonds11.89.88.17.06.15.65.85.85.95.85.55.45.55.6
Other securities7.26.15.76.15.75.34.44.14.34.94.74.94.64.5
Insurance companies3.94.25.24.55.35.76.36.26.46.26.27.17.07.1
Money market funds0.63.15.02.22.11.81.80.80.60.72.03.12.82.6
Corporations33.12.62.93.94.14.24.34.94.64.64.85.96.87.0
State and local governments14.313.913.715.015.521.421.624.225.424.221.420.318.818.5
Other investors419.924.626.327.629.126.827.025.423.324.027.925.024.723.8
Foreign and international21.019.717.616.317.015.916.417.319.521.320.019.219.420.5
Sources: United States, Department of Treasury, Treasury Bulletin (March 1988, December 1993, and March 1994), Table OFS-2.
Table A2Financial Futures and Options: Exchanges, Contracts, and Volume of Contracts Traded
Face Value of

Contract1
Volume of Contracts Traded
Exchange/Type198819891990199119921993
(In thousands of contracts)
United States
Chicago Board of Trade (CBOT)
Interest rate
Futures
Thirty-day federal funds$5,000,000196881116234182
U.S. Treasury notes2$100,00035,7087,8918,69810,01318,10525,257
U.S. Treasury bonds (15-year)$100,00070,30870,30375,49967,88770,00579,428
Municipal bond index$1,000 x index1,2741,0686975497761,121
Mortgage-backed securities4$100,000n.t.25176
Interest rate swap (three- and five-year)$25,000,000n.t.n.t.n.t.72
Options
Options on U.S. Treasury note futures5$100,0001,0121,1681,0241,0203,2366,829
Options on U. S. Treasury bond futures$100,00019,50920,78427,31521,92620,25923,435
Options on municipal bond index futures$1,000 x index1728986533869
Options on mortgage-backed securities futures4$100,000n.t.141910
Options on interest rate swap futures$25,000,000n.t.n.t.n.t.6
Stock index
Futures
Major market index (MMI)$500 x index1,1761,087951703361155
Wilshire Small Cap index$500 x indexn.t.n.t.n.t.n.t.n.t.2
Options
Options on MMI futures$500 x indexn.t.n.t.n.t.321
Wilshire Small Cap index options$500 x indexn.t.n.t.n.t.n.t.n.t.
Chicago Board Options Exchange (CBOE)
Interest rate
Options
U.S. Treasury bonds and notes$100,0001401447n.t.n.t.
Stock index
Options
Standard & Poor’s (S&P) 100 options$100 x index57,43358,37168,84763,93662,42764,032
S&P 500 options$100 x index4,8176,27412,08911,92513,42016,454
Russell 2000 index options$100 x indexn.t.n.t.n.t.n.t.40495
Financial Times stock index (FT-SE) options$100 x 1/10 of indexn.t.n.t.n.t.n.t.1622
Mid-America Commodity Exchange (MIDAM)
Interest rate
Futures
Eurodollar (three-month)$500,000n.t.n.t.n.t.n.t.37
U.S. Treasury bills (90-day)$500,0002294121
U.S. Treasury notes (five- and ten-year)$50,000n.t.n.t.n.t.n.t.n.t.12
U.S. Treasury bonds (15-year)$50,0001,4141,3071,4611,3971,3421,126
Options
Options on U.S. Treasury bond futures$50,000n.t.n.t.n.t.242
Currency
Futures
Japanese yen¥ 6,250,000445954413963
Deutsche markDM 62,50050548394106124
Pound sterling£12,500282426304467
Canadian dollarCan$50,000979459
Swiss francSw F 62,500776176746374
Chicago Mercantile Exchange (CME)
Interest rate
Futures
London interbank offered rate—LIBOR (one-month)$3,000,000n.t.n.t.844509191,128
Eurodollar (three-month)6$1,000,00021,70540,81834,69637,24460,53164,411
Euro-deutsche mark (three-month)DM 1,000,000n.t.n.t.n.t.n.t.n.t.26
U.S. Treasury bills (90-day)$1,000,0001,3741,5021,8702,0121,3371,017
Options
Options on LIBOR futures$3,000,000n.t.n.t.n.t.759991
Options on Eurodollar futures$1,000,0002,6006,0026,8607,87513,76317,009
Options on Euro-deutsche mark futuresDM 1,000,000n.t.n.t.n.t.n.t.n.t.9
Options on U.S. Treasury bill futures$1,000,00061732493014
Currency
Futures
Japanese yen6¥ 12,500,0006,4337,8247,4376,0174,5206,023
Deutsche mark6DM 125,0005,6628,1869,16910,92911,59312,866
Deutsche mark rolling spot$250,000n.t.n.t.n.t.n.t.n.t.29
French francF 500,000n.t.n.t.n.t.n.t.n.t.19
Pound sterling6£62,5002,6162,5183,4103,7463,0533,701
Pound sterling rolling spot£250,000n.t.n.t.n.t.n.t.n.t.2
Canadian dollarCan$ 100,0001,4091,2641,4091,1391,1721,411
Australian dollar$A 100,000761141057690199
Swiss francSw F 125,0005,2836,0946,5255,8355,1355,605
Cross-rate deutsche mark/ Japanese yenDM 125,000 x DM/¥ cross raten.t.n.t.n.t.911
Options
Options on Japanese yen futures¥ 12,500,0002,9453,1273,1162,3971,5182,262
Options on deutsche mark futuresDM 125,0002,7343,7953,4305,6436,3545,916
Options on deutsche mark rolling spot futures$250,000n.t.n.t.n.t.n.t.n.t.
Options on French franc futuresF 500,000n.t.n.t.n.t.n.t.n.t.6
Options on pound sterling futures£62,500543406501650597528
Options on pound sterling rolling spot futures£250,000n.t.n.t.n.t.n.t.n.t.
Options on Canadian dollar futuresCan$100,000314274284337307177
Options on Australian dollar futures$A 100,0007232738133
Options on Swiss franc futuresSw F 125,0001,0701,4891,1309981,027628
Options on cross-rate deutsche mark/ Japanese yen futuresDM 125,000 x DM/¥ cross raten.t.n.t.n.t.329
Stock index
Futures
S&P 500 index$500 x index11,35410,56012,13912,34012,41413,204
Nikkei stock index average$5 x indexn.t.n.t.52247384357
S&P MidCap 400 index$500 x indexn.t.n.t.n.t.n.t.103219
Goldman Sachs commodity index$250 x indexn.t.n.t.n.t.n.t.36122
Major market index (MMI)$500 x indexn.t.n.t.n.t.n.t.n.t.49
Russell 2000 stock price index$500 x indexn.t.n.t.n.t.n.t.n.t.19
Options
Options on S&P 500 index futures$500 x index7351,1621,6381,8132,2102,916
Options on Nikkei stock index average futures$5 x indexn.t.n.t.9121410
Options on S&P MidCap 400 index futures$500 x indexn.t.n.t.n.t.n.t.35
Options on Goldman Sachs commodity index futures$250 x indexn.t.n.t.n.t.n.t.838
MMI options$500 x indexn.t.n.t.n.t.n.t.n.t.
Options on Russell 2000 stock price index futures$500 x indexn.t.n.t.n.t.n.t.n.t.1
Kansas City Board of Trade
Stock index
Futures
Value Line index$500 x index804136584646
Mini Value Line$100 x index14814273441
Options
Options on Mini Value Line futures$100 x indexn.t.n.t.n.t.n.t.12
New York Cotton Exchange (FINEX)
Interest rate
Futures
U.S. Treasury notes7$250,0008790599292818151
Currency
Futures
U.S. dollar index$1,000 x index447743565716678599
European currency unit (ECU)ECU 100,00024161221
Options
U.S. dollar index$1,000 x index1151001,41847068
Options on ECU futuresECU 100,000n.t.n.t.n.t.n.t.5-
New York Futures Exchange (NYFE)9
Stock index
Futures
New York Stock Exchange (NYSE) composite stock index$500 x index1,6691,5801,5751,4861,315849
Commodity Research Bureau (CRB) index$500 x index20612570615692
Options
Options on NYSE composite stock index futures$500 x index233926354330
Options on CRB index futures$500 x index144447
New York Stock Exchange (NYSE)
Stock index
Options
NYSE index options10$100 x index78157926215313141
American Stock Exchange (AMEX)
Stock index
Options
AMEX index options11$100 x index7,5278,2656,6905,9766,2474,495
Commodity Exchange, Inc. (COMEX)
Stock index
Futures
Eurotop 100 index$100 x indexn.t.n.t.n.t.n.t.2656
Options
Options on Eurotop 100 index futures$100 x indexn.t.n.t.n.t.n.t.n.t.1
Pacific Stock Exchange (PSE)
Stock index
Options
Financial News composite index options$100 x index28022613072706
Wilshire Small Cap index options100 x value of indexn.t.n.t.n.t.n.t.n.t.153
Philadelphia Stock Exchange (PHLX)
Currency
Futures
Foreign currencies12118325
Options13
Japanese yen¥ 6,250,0002,9223,3282,9901,7831,3051,302
Deutsche markDM 62,5003,4075,2774,8927,4727,9666,218
French francF 250,00025660401461,2613,979
Pound sterling£31,2501,303482646587789529
Canadian dollarCan$50,000337362475204189221
Australian dollar$A 50,000531417309186143160
Swiss francSw F 62,5001,2371,114773460434450
ECUECU 62,5001310648
Pound Sterling/deutsche mark£500,000n.t.n.t.n.t.n.t.18153
Deutsche mark/Japanese yenDM 1,000,000n.t.n.t.n.t.14982
Stock index
Options
PHLX index options14$100 x index3,25615395225311723
Japan
Osaka Securities Exchange
Stock index
Futures
Nikkei 225¥ 1,000 x index1,8925,44313,58921,64311,9278,461
Options
Nikkei 225 options¥ 1,000 x indexn.t.6,6109,18811,8369,2576,090
Tokyo International Financial Futures Exchange (TIFFE)
Interest rate
Futures
Eurodollar (three-month)$1,000,000n.t.10383
Euro-yen (three-month and one-year)¥ 100,000,000n.t.4,49514,41414,66614,96923,391
Options
Options on three-month Euro-yen futures¥ 100,000,000n.t.n.t.n.t.332486687
Currency
Futures
U.S. dollar/Japanese yen$50,000n.t.n.t.n.t.1498648
Tokyo Stock Exchange
Interest rate
Futures
U.S. Treasury bonds$100,000n.t.141518125118113
Japanese Government bonds (JGB) (10- and 20-year)¥ 100,000,00018,75918,97116,31912,82911,87215,165
Options
Options on ten-year JGB futures¥ 100,000,000n.t.n.t.2,2881,8501,1411,507
Stock index
Futures
Tokyo Stock Price Index (TOPIX)¥ 10,000 x index1,8873,7283,0911,6771,3592,157
Options
TOPIX options¥ 10,000 x indexn.t.4,8064631204938
Germany
Deutsche Terminbörse (DTB)
Interest rate
Futures
Medium-term notional bond (Bobl)DM 250,000n.t.n.t.n.t.2361,6684,534
Notional German Government bond (Bund)DM 250,000n.t.n.t.602,2835,3287,625
Options
Options on Bobl futuresDM 250,000n.t.n.t.n.t.n.t.n.t.54
Options on Bund futuresDM 250,000n.t.n.t.n.t.164498252
Stock index and equity
Futures
German Stock Index (DAX)DM 100 per DAX index pointn.t.n.t.511,2513,2713,977
Options
Options on DAX futuresOne DAX futures contractn.t.n.t.n.t.n.t.13663
DAX optionsDM 10 per DAX index pointn.t.n.t.n.t.2,04613,94521,420
DTB stock options50 shares of underlying stocksn.t.n.t.6,6889,3909,99612,253
France
Marché à Terme International de France (MATIF)
Interest rate
Futures
Paris interbank offered rate—PIBOR (three-month)F 5,000,0004522,2961,9013,0006,43711,864
Medium-term French Treasury bondF 500,000n.t.n.t.n.t.n.t.n.t.99
ECU bondECU 100,000n.t.n.t.565461,354873
Long-term French Treasury bondF 500,000n.t.n.t.n.t.n.t.n.t.29
Notional bonds15F 500,00012,35715,00515,99621,08831,06336,805
Options
Options on three-month PIBOR futuresF 5,000,000n.t.n.t.7101,3742,6604,830
Options on ECU bond futuresECU 100,000n.t.n.t.n.t.21838
Options on notional bond futuresF 500,0003,4317,1507,4108,41210,04711,573
Stock index
Futures
CAC 40 stock indexF 200 x index655811,6412,3113,6015,909
Marché des Options Negociables de Paris (MONEP)
Stock index
Options
CAC 40 stock index options (short-term)F 200 x index508162,4703,7183,1712,452
CAC 40 stock index options (long-term)F 50 x indexn.t.n.t.n.t.875471,761
Italy
Mercato Italiano Futures
Interest rate
Futures
BTP (five-year)16Lit 250,000,000n.t.n.t.n.t.n.t.491,637
BTP (ten-year)16Lit 250,000,000n.t.n.t.n.t.n.t.5212,777
United Kingdom
London International Financial Futures Exchange (LIFFE)
Interest rate
Futures
Eurodollar (three-month)$1,000,0001,6482,0611,249994709245
Euro-deutsche mark (three-month)DM 1,000,000n.t.9522,6604,78412,17321,319
Euro-lira (three-month)Lit 1,000,000,000n.t.n.t.n.t.n.t.3761,479
Short sterling (three-month)£500,0003,5387,1148,3558,06411,29612,136
Euro-Swiss (three-month)Sw F 1,000,000n.t.n.t.n.t.5481,9701,846
ECU (three-month)ECU 1,000,000n.t.1664115317721
Medium-term German Government bond (Bobl)DM 250,000n.t.n.t.n.t.n.t.n.t.1,050
U.S. Treasury bonds$100,0002,0429677564632725
Japanese Government bond (JGB)17¥ 100,000,00012211746106221421
German Government bond (Bund)DM 250,0003155,3309,58210,11213,60520,440
Italian Government bond (BTP)16Lit 200,000,000n.t.n.t.n.t.4833,7736,344
Long gilt (government bond)18£50,0005,6414,0635,6435,6398,80511,809
ECU bondECU 200,000n.t.n.t.n.t.547n.t.
Options
Options on Eurodollar futures$1,000,000768265317320
Options on Euro-deutsche mark futuresDM 1,000,000n.t.n.t.2485141,9642,906
Options on short sterling futures£500,0004458241,3771,5942,6482,667
Options on Euro-Swiss futuresSw F 1,000,000n.t.n.t.n.t.n.t.1732
Options on U.S. Treasury bond futures$100,00084768740683
Options on Bund futuresDM 250,000n.t.4691,8042,4532,7504,416
Options on BTP futures16Lit 200,000,000n.t.n.t.n.t.16395602
Options on long gilt futures£50,0001,1417277908441,8132,059
Stock index
Futures
Financial Times stock index (FT-SE 100)£25 x index4651,0281,4441,7272,6193,120
Options
FT-SE 100 options£10 x indexn.t.n.t.n.t.n.t.3,0633,439
Canada
Montreal Exchange
Interest rate
Futures
Canadian Bankers’ Acceptances19Can$1,000,000102888194443749
Canadian Government bonds (ten-year)Can$100,000n.t.87454421516895
Options
Canadian Government bond optionsCan$25,000335323139475161
Options on Canadian Government bond futuresCan$100,000n.t.n.t.n.t.1559
Toronto Stock Exchange
Equity
Options
Canadian equity options100 shares2,3392,4351,4111,015889
Toronto Futures Exchange
Stock index
Futures
Toronto Stock Exchange (TSE) 35 indexCan$500 x index273553615969
Options
TSE 35 index optionsCan$100 x index429487698465302221
Spain
Mercado de Opciones y Futuros Financieros, Meff Renta Fija
Interest rate
Futures
Madrid interbank offered rate—MIBOR20Ptas 10,000,000n.t.n.t.174567472,363
Notional bond (three-, five-, and ten-year)Ptas 10,000,000n.t.n.t.1715351,0154,553
Options
Options on MIBOR futuresPtas 10,000,000n.t.n.t.n.t.n.t.8140
Notional bond (three- and ten-year)Ptas 10,000,000n.t.n.t.n.t.n.t.3821,088
Currency
Futures
Spanish peseta/U.S. dollar$100,000n.t.n.t.n.t.412
Spanish peseta/deutsche markDM 125,000n.t.n.t.n.t.11553
Netherlands
European Options Exchange (EOE)
Interest rate
Options
Dutch Government bond optionsf. 10,000537486260232270436
Options on Dutch Government bond futuresf. 250,000n.t.n.t.1811
Currency
Options
U.S. dollar/guilder and pound sterling/guilder options$10,000 £10,000473469200373538673
Stock index and equity
Options
EOE stock index and MMI U.S. stock index options21f. 100 x index and $100 x index7931,9952,0032,3842,4712,701
Dutch Top 5 index options100 x value of indexn.t.n.t.174330493412
Eurotop 100 index options50 x value of indexn.t.n.t.n.t.10103
Dutch stock options100 shares6,4039,9987,5257,0136,8098,036
Financial Futures Market
Interest rate
Futures
Notional guilder bondf. 250,000n.t.6254292570
Currency
Futures
U.S. dollar/guilder$25,000n.t.n.t.n.t.21122
Stock index
Futures
EOE stock indexf. 200 x index34238437485492812
Dutch Top 5 indexf. 200 x indexn.t.n.t.43475258
Eurotop 100 indexECU 50 x indexn.t.n.t.n.t.121
Australia
Sydney Futures Exchange
Interest rate
Futures
Bank bills (90-day)$A 500,0002,9895,9115,0814,6525,6986,415
Treasury bonds (three-year)$A 100,0005009671,6082,1125,4356,940
Commonwealth Treasury bonds (ten-year)$A 100,0002,7123,2223,1743,6024,2534,782
Options
Options on bank bill futures$A 500,000192515606719610663
Options on Treasury bond futures$A 100,000182575107317515
Options on Commonwealth Treasury bond futures$A 100,000722709512670746715
Stock index
Futures
All-ordinaries share price index$A 25 x index285326314388342981
Options
Options on All-ordinaries share price index futures$A 25 x index82140186248154467
Switzerland
Swiss Options and Financial Futures Exchange (SOFFEX)
Interest rate
Futures
Euro-Swiss franc (three-month)Sw F 1,000,000n.t.n.t.n.t.122184
Swiss franc (five-year)Sw F 100,000n.t.n.t.n.t.5920029
Swiss Government bondSw F 100,000n.t.n.t.n.t.n.t.234271
Stock index
Futures
Swiss market indexSw F 50 x indexn.t.n.t.31591847914
Options
Swiss market index optionsSw F 5 x index712,1154,6836,1757,7945,595
Belgium
Belgian Futures and Options Exchange (BELFOX)
Interest rate
Futures
Brussels interbank offered rate—BIBOR (three-month)BF 25,000,000n.t.n.t.n.t.n.t.52191
Belgian Government bondsBF 2,500,000n.t.n.t.n.t.13264585
Stock index and equity
Futures
Bel 20 indexBF 1,000 x indexn.t.n.t.n.t.n.t.n.t.12
Options
Bel 20 index optionsBF 100 x indexn.t.n.t.n.t.n.t.n.t.346
Stock options20 shares of underlying stocksn.t.n.t.n.t.n.t.104275
Sweden
Stockholm Options Market
Interest rate
Futures
Interest rateSKr 1,000,000n.t.n.t.n.t.4,1347,42011,343
Swedish Treasury billsSKr 1,000,000n.t.n.t.2061,9803,9303,990
Swedish Government bonds (two-, five-, and ten-year)SKr 1,000,000n.t.n.t.1161,7202,4833,814
Options
Interest rate optionsSKr 1,000,0002042199420
Stock index and equity
Futures
Stock futuresSKr 100 x index63521119
OMX indexSKr 100 x index3124117450628
GEMx indexDM 10 x indexn.t.n.t.n.t.116
Options
Stock optionsSKr 100 x index2,1003,1952,8494,0743,5437,068
OMX index optionsSKr 100 x index4,4675,0165,1694,8265,6054,074
GEMx index optionsDM 10 x indexn.t.n.t.n.t.1817
Austria
Austrian Futures and Options Exchange
Interest rate
Futures
Austrian Government bondsS 1,000,000n.t.n.t.n.t.n.t.n.t.43
Stock index
Futures
Austrian Traded index (ATX)S 100 x indexn.t.n.t.n.t.n.t.67174
Options
ATX optionsS 100 x indexn.t.n.t.n.t.n.t.176673
Denmark
Guarantee Fund for Danish Options and Futures (FUTOP)
Interest rate
Futures
Danish Government bondsDKr 1,000,000n.t.1122283548578
Mortgage credit bondsDKr 1,000,0003291003430
Copenhagen interbank offered rate—CIBOR (three-month)DKr 5,000,000n.t.n.t.n.t.n.t.n.t.35
Options
Options on Danish Government bond futuresDKr 1,000,000n.t.n.t.n.t.5315386
Options on mortgage credit bondsDKr 1,000,0008735n.t.
Stock index and equity
Futures
KFX stock indexDKr 1,000 x indexn.t.7243336407339
Options
Options on KFX stock index futuresDKr 1,000 x indexn.t.n.t.5513519487
Options on Danish equities100 underlying sharesn.t.n.t.3143187163
Norway
Oslo Stock Exchange
Interest rate
Futures
Norwegian Government bonds (ten-year)NKr 1,000,000n.t.n.t.n.t.n.t.n.t.28
Stock index
Futures
OBX indexNKr 100 x indexn.t.n.t.n.t.n.t.917
Options
Options on the OBX indexNKr 100 x indexn.t.n.t.39224445386
Finland
Finnish Options Market Exchange and Clearing House
Stock index
Futures
FOX indexFmk 100 x index327043353754
Options
FOX index optionsFmk 100 x index362931747636398378
Ireland
Irish Futures and Options Exchange
Interest rate
Futures
Dublin interbank offered rate—DIBOR (three-month)£Ir 500,000n.t.1537272819
Short gilt£Ir 100,000n.t.n.t.132
Long gilt£Ir 50,000n.t.4810410
New Zealand
New Zealand Futures and Options Exchange
Interest rate
Futures
Bank bills (90-day)$NZ 500,00064118281408392463
Government stock (three-, five-, and ten-year)$NZ 100,000295349308267208146
Options
Options on bank bill futures$NZ 500,000n.t.2330398
Options on Government stock futures$NZ 100,000127922293
Stock index
Futures
Forty index$NZ 20 x indexn.t.n.t.n.t.354
Options
Forty index options$NZ 20 x indexn.t.n.t.n.t.11
Hong Kong
Hong Kong Futures Exchange (HKFX)
Interest rate
Futures
Hong Kong interbank offered rate—HIBOR (three-month)HK$1,000,000n.t.n.t.551
Stock index
Futures
Hang Seng indexHK$50 x index1402362364991,0892,416
Options
Hang Seng index optionsHK$50 x indexn.t.n.t.n.t.n.t.n.t.282
Singapore
Singapore International Monetary Exchange (SIMEX)
Interest rate
Futures
Eurodollar (three-month)$1,000,0001,8813,8623,4693,4335,6185,536
Euro-yen (three-month)¥ 100,000,000n.t.1698161,4922,4733,533
Euro-deutsche mark (three-month)DM 1,000,000n.t.n.t.5733523
Options
Options on Eurodollar futures$1,000,0001110135127
Options on Euro-yen futures¥ 100,000,000n.t.n.t.62818157
Currency
Futures
Japanese yen¥ 12,500,000221287116472021
Deutsche markDM 125,000988464604516
Pound sterling£62,500333444
Options
Options on Japanese yen futures¥ 12,500,000612
Stock index
Futures
Nikkei stock average¥ 500 x index5878598817223,3495,162
Options
Options on Nikkei stock average futures¥ 500 x indexn.t.n.t.n.t.n.t.269898
Sources: American Stock Exchange; Battley (1993); Belgian Futures and Options Exchange; Chicago Board of Trade; Chicago Board Options Exchange; Chicago Mercantile Exchange; Deutsche Terminbörse; European Options Exchange; Financial Futures Market; Finnish Options Market Exchange and Clearing House; Futures Industry Association; Futures Industry Institute, Fact Book 1993; Guarantee Fund for Danish Options and Futures; Hong Kong Futures Exchange; London International Financial Futures Exchange; Marché à Terme International de France; Mid-America Commodity Exchange; Montreal Exchange; New York Cotton Exchange; New York Stock Exchange; Pacific Stock Exchange; Philadelphia Stock Exchange; Singapore International Monetary Exchange; Stockholm Options Market; and Toronto Futures Exchange.Note: n.t. = not traded; — = either zero or less than 500 contracts; $A = Australian dollar; S = Austrian schilling; BF = Belgian franc; Can$ = Canadian dollar; DKr = Danish krone; DM = deutsche mark; ECU = European currency unit; Fmk = Finnish markka; F = French franc; HK$ = Hong Kong dollar; £Ir = Irish pound; Lit = Italian lira; ¥ = Japanese yen; f. = Netherlands guilder; $NZ = New Zealand dollar; NKr = Norwegian krone; £ = pound sterling; Ptas = Spanish pesetas; SKr = Swedish krona; Sw F = Swiss franc; and $ = U.S. dollar; Options volume is puts and calls combined.
Table A3Markets for Selected Derivative Financial Instruments: Notional Principal Amounts Outstanding(In billions of U.S. dollars, end-year data)
19861987198819891990199119921993
Interest rate futures370.0487.7895.41,200.71,454.22,157.12,902.24,960.4
Futures on short-term interest rate instruments274.3338.9721.71,002.61,271.11,906.32,652.84,627.0
Of which:
Three-month Eurodollar1229.5307.8588.8671.9662.61,100.51,389.52,178.6
Three-month Euro-yen2109.5243.5254.5431.81,080.1
Three-month Euro-deutsche mark314.447.2109.6229.2421.2
Futures on long-term interest rate instruments95.7148.8173.7198.1183.1250.8249.4333.4
Of which:
U.S. Treasury bond423.026.539.933.223.029.831.332.6
Notional French Government bond52.17.67.06.17.011.421.012.6
Ten-year Japanese Government bond663.5104.8105.6129.1112.7122.0105.9136.0
German Government bond71.44.213.720.227.833.3
Interest rate options8146.5122.6279.2387.9599.51,072.61,385.42,362.4
Currency futures10.014.111.615.616.317.824.529.8
Currency options839.259.548.050.156.161.280.181.1
Stock market index futures15.018.127.841.869.777.380.7119.2
Options on stock market indices838.127.844.072.296.0137.4167.6286.4
Total618.8729.91,306.01,768.32,291.73,523.44,640.57,839.3
Of which:
In the United States517.7577.3949.81,151.91,261.92,130.22,684.44,328.9
In Europe13.113.3177.7250.8461.2710.21,110.11,819.9
In Japan63.5107.7106.6260.9424.2441.4576.21,193.6
Sources: Bank for International Settlements.
Table A4Annual Turnover in Derivative Financial Instruments Traded on Organized Exchanges Worldwide(In millions of contracts traded)
19861987198819891990199119921993
Interest rate futures91.0145.7156.3201.0219.1230.9330.1427.0
Futures on short-term interest rate instruments16.429.433.770.276.084.8130.8166.8
Of which:
Three-month Eurodollar112.423.725.246.839.441.766.970.2
Three-month Euro-yen24.715.216.217.426.9
Three-month Euro-deutsche mark31.63.14.812.221.3
Futures on long-term interest rate instruments74.6116.3122.6130.8143.1146.1199.3260.2
Of which:
U.S. Treasury bond454.669.473.872.878.269.971.780.7
Notional French Government bond51.111.912.415.016.021.131.136.8
Ten-year Japanese Government bond69.418.418.819.116.412.912.115.6
German Government bond70.35.39.612.418.928.1
Interest rate options822.329.330.539.552.050.864.882.9
Currency futures19.720.822.127.529.129.230.738.0
Currency options813.018.318.220.718.922.923.423.8
Stock market index futures28.436.129.630.139.454.652.060.7
Options on stock market indices8140.4139.179.1101.7119.1121.4133.9141.8
Total314.8389.2335.8420.4477.7509.8634.9774.2
Of which:
In the United States288.2317.2251.0286.2310.3300.7339.4379.0
In Europe10.335.940.764.483.0110.5185.0255.9
In Japan9.418.523.145.760.666.251.757.8
Sources: Bank for International Settlements.
Table A5Notional Principal Value of Outstanding Interest Rate and Currency Swaps1(In billions of U. S. dollars)
198719881989199019911992
Interest rate swaps
All counterparties682.91,010.21,502.62,311.53,065.13,850.8
Interbank (ISDA member)206.6341.3547.1909.51,342.31,880.8
Other (end-user and brokered)476.2668.9955.51,402.01,722.81,970.1
Of which:
End-user476.2668.9955.51,402.01,722.81,970.1
Financial institutions300.0421.3579.2817.1985.71,061.1
Governments247.663.276.2136.9165.5242.8
Corporations3128.6168.9295.2447.9571.7666.2
Unallocated15.54.9
Brokered
Currency swaps
All counterparties365.6639.1898.21,155.11.614.31,720.8
(Adjusted for reporting of both sides)(182.8)(319.6)(449.1)(577.5)(807.2)(860.4)
Interbank (ISDA member)71.0165.2230.1310.1449.8477.7
Other (end-user and brokered)294.6473.9668.1844.91,164.61,243.1
Of which:
End-user4147.3237.0334.1422.5582.3621.5
Financial institutions61.9102.7141.7148.2246.7228.7
Governments233.954.065.683.296.9110.6
Corporations351.676.5116.5191.1238.7282.2
Unallocated3.810.3
Brokered
Total (interest rate and currency swaps for all counterparties)1,048.51,649.32,400.83,466.64,679.45,571.6
Sources: Bank for International Settlements, International Banking and Financial Market Developments, various issues; and International Swaps and Derivatives Association (ISDA).
Table A6New Interest Rate Swaps and Currency Swaps1(In billions of U. S. dollars)
198719881989199019911992
First halfSecond halfFirst halfSecond halfFirst halfSecond halfFirst halfSecond halfFirst halfSecond halfFirst halfSecond half
Interest rate swaps
All counterparties181.5206.3250.5317.6389.2444.4561.5702.8762.1859.71,318.31,504.3
Interbank (ISDA member)58.967.086.6106.5140.4177.6223.2261.3335.4426.4617.7718.7
Other (end-user and brokered)122.6139.3163.9211.1248.7266.8338.2441.5426.8433.3700.6785.6
Of which:
End-user121.0136.0162.3209.1242.8260.6334.5370.8419.2425.5681.0755.7
Financial institutions82.386.4102.8135.3152.9165.0200.2219.9229.3263.1404.6449.3
Governments210.910.815.717.223.016.633.741.043.435.564.984.0
Corporations327.834.843.954.360.579.0100.6110.0146.4126.9211.5222.4
Unallocated4.12.36.5
Brokered1.63.31.61.95.96.23.770.77.67.719.629.9
Currency swaps
All counterparties87.185.7122.3126.2166.7189.6189.3236.2322.6334.1312.1291.6
(Adjusted for reporting of both sides)(43.5)(42.8)(61.1)(63.1)(83.4)(94.8)(94.6)(118.1)(161.3)(167.1)(156.1)(145.8)
Interbank (ISDA member)17.518.325.433.350.850.553.069.6105.9102.068.364.2
Other (end-user and brokered)69.567.496.992.9115.9139.1136.3166.6216.7232.1243.9227.4
Of which:
End-user434.333.547.546.457.569.667.783.0103.1116.0121.6113.1
Financial institutions18.913.023.320.222.429.822.828.641.157.440.938.0
Governments27.66.310.68.713.29.812.510.913.717.123.618.5
Corporations37.913.612.916.218.527.732.443.548.241.557.156.6
Unallocated0.60.71.33.52.2
Brokered0.90.31.90.21.00.90.710.70.10.71.2
Sources: Bank for International Settlements, International Banking and Financial Market Developments, various issues; and International Swaps and Derivatives Association (ISDA).
Table A7Currency Composition of Notional Principal Value of Outstanding Interest Rate and Currency Swaps(In billions of U.S. dollars)
198719881989199019911992
Interest rate swaps
All counterparties682.91,010.21,502.62,311.53,065.13,850.8
U.S. dollar541.5728.2993.71,272.71,506.01,760.2
Japanese yen40.578.5128.0231.9478.9706.0
Deutsche mark31.656.584.6193.4263.4344.4
Pound sterling29.752.3100.4242.1253.5294.8
Other39.594.8195.8371.5563.3745.3
Interbank (ISDA member)206.6341.3547.1909.51,342.31,880.8
U.S. dollar161.6243.9371.1492.8675.0853.9
Japanese yen19.543.061.1126.1264.9441.3
Deutsche mark7.917.232.678.4111.2175.6
Pound sterling10.417.640.0100.1106.3137.2
Other7.119.642.2112.1184.9272.7
End-user476.2668.9955.51,402.01,722.81,970.1
U.S. dollar379.9484.3622.6779.9831.0906.3
Japanese yen21.035.566.9105.8214.0264.7
Deutsche mark23.739.352.0115.0152.2168.8
Pound sterling19.334.760.4142.0147.3157.6
Other32.475.2153.6259.4378.3472.7
Currency swaps1
All counterparties182.8319.6449.1577.5807.2860.4
U.S. dollar81.3134.7177.1214.2292.1309.0
Japanese yen29.965.5100.6122.4180.1154.3
Deutsche mark10.717.026.936.247.653.3
Pound sterling5.38.916.724.537.440.1
Other55.793.5127.8180.3250.0303.6
Interbank (ISDA member)35.582.6115.1155.1224.9238.9
U.S. dollar16.734.148.259.786.890.9
Japanese yen7.218.628.337.460.953.9
Deutsche mark1.63.05.47.69.412.6
Pound sterling1.11.64.36.28.410.4
Other9.025.428.844.159.571.1
End-user147.3237.0334.1422.5582.3621.5
U.S. dollar64.6100.7128.9154.5205.3218.1
Japanese yen22.747.072.285.0119.2100.4
Deutsche mark9.114.021.528.538.240.7
Pound sterling4.27.312.418.329.029.7
Other46.768.199.0136.2190.6232.6
Sources: Bank for International Settlements, International Banking and Financial Market Developments, various issues; and International Swaps and Derivatives Association (ISDA).
Table A8Changes in Claims on Nonbanks and Liabilities to Nonbanks1(In billions of U. S. dollars)
19861987198819891990199119921993
Changes in claims on2891397418626596140191
Industrial countries38798112020495126159
Of which:
United States252339355073138
Japan531183654412421
Developing countries3-16-39-915224
Offshore centers451310175156
Countries in transition-1111-1-1
Of which:
Former U.S.S.R.111-1-1
Other transactors32-23-13-2-2
Unidentified borrowers54452-64453-22-2025
Changes in liabilities to612213881168232186543
Industrial countries605350107120-24734
Of which:
United States262321628-18-9-3
Japan21213-3-3-2-3
Developing countries3315183327-14-10-14
Offshore centers413751318-414
Countries in transition11122
Of which:
Former U.S.S.R.1
Other transactors-112123-2
Unidentified depositors5476161464352519
Changes in net claims on7-332-618337775147
Industrial countries-22253113849780125
Of which:
United States-11192822254042
Japan330162257442524
Developing countries3-4-8-21-24-36293218
Offshore centers4-8-6-2-4-19142
Countries in transition-11-1-3-3
Of which:
Former U.S.S.R.111-2-2
Other transactors41-32-31-2-1
Unidentified (net)5-2-9-1231-10-58-456
Sources: Bank for International Settlements, data reported to the IMF on currency distribution of banks’ external accounts; International Monetary Fund, International Financial Statistics; and IMF staff estimates.
Table A9Changes in Interbank Claims and Liabilities1(In billions of U.S. dollars)
19861987198819891990199119921993
Changes in claims on2442659491647466-16512267
Industrial countries367464403443359-1624431
Of which:
United States6983695923-134245
Japan14819218513647-130-131-38
Developing countries3316-1311192234
Offshore centers48116382171118-1011-2
Countries in transition4146-624-2
Of which:
Former U.S.S.R.3147-737
Other transactors-1415323-16-15406
Changes in liabilities to5465626437655436-119103152
Industrial countries363440320467370-12040104
Of which:
United States56356361-314-33-53
Japan11114514712558-44-69-39
Developing countries3-833153753343645
Offshore centers41171379513533-25-15-4
Countries in transition-1-243-693
Of which:
Former U.S.S.R.1-21-1-752
Other transactors-618213-14-9324
Changes in net claims on5-233353-830-4720-85
Industrial countries42482-24-11-424-73
Of which:
United States13486-226-277598
Japan37473912-11-86-62
Developing countries311-17-16-33-42-15-14-10
Offshore centers4-3626-14368515262
Countries in transition533-12-4-6
Of which:
Former U.S.S.R.2228-142-2
Other transactors-8-3111-1-682
Sources: Bank for International Settlements, data reported to the IMF on currency distribution of banks’ external accounts; International Monetary Fund, International Financial Statistics; and IMF staff estimates.
Table A10International Bond Issues by Developing Countries and Regions1(In millions of U. S. dollars)
19931994
1991199219931st

qtr.
2nd

qtr.
3rd

qtr.
4th

qtr.
1st

qtr.
Developing countries12,43823,78059,43710,10912,11713,49223,71717,628
Africa236725877
Congo600
South Africa236725
Tunisia277
Asia3,0005,84720,1812,2303,2003,36111,3917,605
China1151,2892,9294066511,1916811,500
Hong Kong1001855,7856575904,5381,305
India22754665481439
Indonesia36949448530455659
Korea2,0123,2085,8646711,3437253,1251,273
Malaysia954500454230
Philippines1,293170175190758154
Taiwan Province of China16060793643318
Thailand176102,2472964955578991,728
Europe1,9604,5619,6382,8631,2571,9883,530875
Czech Republic697375322
Former Czechoslovakia277129
Hungary1,1861,2424,7961,3632791,2801,87369
Slovak Republic24024021
Turkey4973,1903,9051,1259781451,657785
Middle East4002,0021,0001,0021,958
Israel4002,0021,0001,0021,958
Western Hemisphere7,24212,57727,3964,0177,5597,0228,7986,313
Argentina7951,5706,2333356061,8523,4401,460
Bolivia10
Brazil1,8373,6556,6191,3271,6351,5832,0741,095
Chile200120433333100
Colombia56632550191250
Costa Rica50
Guatemala6060
Mexico3,7826,10010,7832,2054,1361,8512,5913,307
Panama50
Peru303040
Trinidad and Tobago1001255
Uruguay100140140100
Venezuela5789322,3481503851,626187
Memorandum items:
Issues under EMTN programs3751,2153,7136073931,4391,274374
Argentina4093050450430
Brazil1104226211010015035
Colombia1005050
Korea1779384189
Mexico3756651,74154590646460150
Philippines150150
Thailand194194
Venezuela400
Total bond issues in international bond markets308,730333,694480,997139,867107,050116,253117,827139,820
(In percent)
Shares of developing countries in global issuance4.07.112.47.211.311.620.112.6
Sources: IMF staff estimates based on Euroweek; Financial Times; International Financing Review, and Organization for Economic Cooperation and Development, Financial Market Trends and Financial Statistics Monthly.
Table A11International Equity Issues by Developing Countries and Regions(In millions of U.S. dollars)
19931994
1991199219931st

qtr.
2nd

qtr.
3rd

qtr.
4th

qtr.
1st

qtr.
Developing countries5,4369,25911,8651,0003,1792,3515,3124,018
Africa14327088
Morocco88
South Africa143270
Asia1,0224,7325,6736538261,2442,9272,508
Bangladesh19315
China111,0491,908115351
Hong Kong1401,2501,26437425064072
India2403311371941,310
Indonesia1672626047467263200342
Korea20015032828150150150
Malaysia382
Pakistan114855
Philippines1593926444192
Singapore1252726134117140170
Taiwan Province of China5437272424
Thailand2091454661824424174
Europe9167202228172330
Hungary913317279
Poland11
Turkey3418420164330
Middle East60127257382218984
Israel60127257382218984
Western Hemisphere4,1204,0635,7253072,3049172,1971,176
Argentina3563722,7932,095380318197
Bolivia1010
Brazil133300
Chile129271114946396
Colombia912764
Mexico3,7643,0582,493280954431,674583
Panama88
Peru2626
Venezuela2834242
Total equity issues in international equity market15,54822,63251,6544,3008,55415,86322,93712,900
(In percent)
Share of developing countries in global issuance35.040.922.923.337.214.823.231.1
Sources: Euroweek; Financial Times; International Financing Review (IFR); and IFR Equibase.
Table A12Comparative Valuations Across Emerging Markets1(In ratios; end-December 1993 data)
Price-Earnings RatioPrice-Book Value Ratio
RatioRelative

to world
RatioRelative

to world
Latin America
Argentina24.470.852.120.93
Brazil11.690.410.690.30
Chile20.040.702.220.97
Colombia24.900.872.020.88
Mexico19.700.692.751.20
Peru39.191.373.771.65
Venezuela26.070.911.320.58
East Asia
China
Korea25.130.881.380.60
Philippines37.461.315.642.46
Taiwan Province of China34.971.223.941.72
South Asia
India37.381.304.952.16
Indonesia29.431.033.141.37
Malaysia42.651.495.362.34
Pakistan33.411.167.853.43
Sri Lanka35.191.234.832.11
Thailand28.270.994.892.14
Europe and Middle East
Greece9.670.341.850.81
Jordan17.380.612.281.00
Portugal16.960.592.030.89
Turkey36.201.267.423.24
Source: International Finance Corporation.
Table A13Restrictions on Outward Portfolio Investment of Institutional Investors in Five Major Industrial Countries
Restrictions on Foreign Investments of
Insurance companiesPension funds
CanadaCeiling: None. A June 1992 regulation removed ceilings on foreign investments, but limits may be imposed based on prudential considerations.Ceiling: A December 1991 law progressively raises the ceiling on foreign investment from 10 percent to 20 percent in 1994.
GermanyCeiling: Prohibitive at 5 percent of coverage fund. A European Community (EC) directive would raise the ceiling on foreign investment in 1994, but regulators are still expected to require assured returns on investments.

Other: 100 percent matching of liabilities by assets in the same currency; restrictions on credit quality of investment.
Ceiling: Prohibitive at 5 percent of assets.

Other: 100 percent matching of liabilities by assets in the same currency; restrictions on credit quality of investment.
JapanCeiling: Nonbinding at 30 percent of assets in the general account.1

Other: Companies place tight restrictions on credit quality of investment; accounting incentives that bias investment in favor of high-income securities against those yielding potential capital gains.
Ceiling: Nonbinding at 30 percent of assets in the general account.

Other: Pension funds place tight restrictions on credit quality of investment.
United KingdomCeiling: None.

Other: At least 80 percent matching of liabilities by assets in the same currency for liabilities in any currency that account for more than 5 percent of the total.
Ceiling: None.

Other: Prudence.
United StatesCeiling: Varies by state and is typically prohibitive. New York State, which is the most influential state on insurance issues, raised the ceiling on foreign investments of insurance companies to 6 percent from 3 percent in 1990.2

Other: Restrictions on credit quality of investment;3 restrictions on composition of assets.
Public pension funds:
Ceiling: Typical and often binding.

Other: Charters of some pension funds imposerestrictions on credit quality of investment.
Private pension funds:
Ceiling: None.

Other: “Prudent man” rule and diversification;4 charters of some pension funds impose restrictions on credit quality of investments.
Source: Chuhan (1994).
Table A14Issues of Closed-End Funds Targeting Emerging Markets in Developing Countries and Regions(In millions of U.S. dollars)
19891990199119921993
Developing countries2,0823,4821,1931,4214,151
Global funds76362531372,669
Africa66
Egypt50
Mauritius16
Asia1,4171,8952138701,373
Multicountry48760222566
Specific country or region9301,294213848806
China646456
India168105
Indonesia199312
Korea478140170110
Malaysia150292
Pakistan236178
Philippines253
Singapore
Taiwan Province of China564026
Thailand105107
Vietnam1062
Europe18197612232
Multicountry4584132
Country specific136135122
Bulgaria
Former Czechoslovakia31
Hungary8010022
Israel
Poland69
Turkey5635
Western Hemisphere40857572729310
Multicountry17820344018110
Country specific230372288112
Argentina56
Brazil112
Chile230180
Mexico192132
Venezuela100
Source: Lipper Analytical Services.
Table A15Details of Treasury Note Issues in China
Amount

(In billions

of Chinese yuan)
Maturity

(Years)
Interest Rate

(In percent)1
Redemption

(In percent)
Trading
19814.86610.004.00lotteryillegal
19824.38310.004.80lotteryillegal
19834.15810.004.80lotteryillegal
19844.25310.004.80lotteryillegal
19856.0615.005.90maturityillegal
19866.2515.006.10maturityillegal
19876.2875.006.10maturitylegal
19889.2163.006.10maturitylegal
19895.61223.0014.00maturitylegal
19909.32823.0014.00maturitylegal
199119.90033.0010.00maturitylegal
199230.00043.509.50; 10.005maturitylegal
199330.00043.5010.00;11.006maturitylegal
Source: Bi(1993).
Table A16Bonds Issued by China
IssuerLaunch DateAmountAmount

(In millions

of U.S. dollars)
Coupon

(In percent)
Spread

(In basis

points)
Maturity

(Years)
Listing
1992
TITICJan. 1992¥ 10 billion80.96.51095.0
CITICMar. 1992¥ 20 billion150.76.4935.0Luxembourg
SITCOMay 1992¥ 15 billion115.06.4955.0
Bank of ChinaJuly 1992¥ 15 billion120.06.21245.0
GITICJuly 1992¥ 15 billion121.06.31225.0
Bank of ChinaAug. 1992$150 million150.05.0
PCBCNov. 1992$150 million150.0557.0Luxembourg
CITICDec. 1992¥ 30 billion240.95.71507.0
SITCODec. 1992¥ 20 billion160.64.81143.0
Total1,289.2
1993
Bank of ChinaMar. 1993¥ 15 billion127.94.7605.0Tokyo
Bank of ChinaMar. 1993¥ 15 billion127.95.0627.0Tokyo
CITICMar. 1993$150 million150.0505.0Singapore
FujianApr. 1993¥ 10 billion88.54.1402.5Tokyo
GITICApr. 1993$150 million150.0555.0Luxembourg
Bank of ChinaJune 1993$200 million200.0505.0London
PCBCJune 1993$50 million50.0505.0London and Singapore
PCBCJune 1993$70 million70.0607.0London and Singapore
SITICJune 1993¥ 10 billion92.91125.0Tokyo
CITICJuly 1993$250 million250.06.910010.0New York
CITICJuly 1993¥ 30 billion282.94.1872.6Luxembourg
China Investment BankJuly 1993$100 million100.0535.0Hong Kong
Hainan ITICAug.1993$80 million80.0655.0Hong Kong
DITICSept. 1993¥ 10 billion94.94.21015.0Tokyo
People’s Republic of ChinaSept. 1993¥ 30 billion281.64.4895.0London
People’s Republic of ChinaOct. 1993$300 million300.06.18810.0Hong Kong and Singapore
SITICOOct. 1993$70 million70.0985.0Singapore
China Textile Machinery StocksNov. 1993Sw F 35 million23.21.0-3005.1
GITICNov. 1993$150 million150.06.811510.0
ICBCDec. 1993¥ 15 billion137.63.41055.0Tokyo
Total2,929.4
Sources: Euroweek; International Financing Review; and IMF staff estimates.

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