Chapter

Statistical Appendix

Author(s):
International Monetary Fund
Published Date:
January 1995
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Appendix Table 1.Sources of International Capital Markets Financing
19871988198919901991199219931994
(Gross issues in billions of U.S. dollars)
Syndicated loans91.7125.5121.1124.5116.0117.9136.7202.8
Euronotes102.293.281.673.287.9134.6160.2279.8
Euro-commercial paper55.857.154.148.335.928.938.431.8
Euro-medium-term notes8.012.615.516.043.297.9113.2243.0
Bonds180.8227.1255.7229.9308.7333.7481.0426.9
Straight bonds121.3160.2154.6158.9242.7265.4369.1288.8
Floating rate bonds13.022.317.837.118.343.669.896.3
Convertible bonds18.211.314.110.610.15.218.121.7
Bonds with warrants attached24.829.766.221.231.615.720.69.9
Other bonds3.53.63.02.16.03.83.410.3
International equity offerings20.49.114.014.223.825.336.658.1
Depository receipts (ADRs/GDRs/Rule 144A)4.61.32.61.74.65.39.511.0
Total395.1454.9472.4441.8536.4611.5814.5967.6
Memorandum items
Global bonds1.59.715.425.134.449.0
Cross-border equity trading1
Gross equity flows1,377.81,166.71,562.61,390.91,322.51,404.92,266.12,550.0
Cross-exchange trading508.6342.6582.9873.9779.1968.71,547.52,000.0
Net equity flows16.432.986.63.2100.653.7196.3119.6
Cross-border mergers and acquisitions70.9109.6117.5128.483.791.095.1156.2
(In percent of total)
Syndicated loans23.2127.5925.6428.1821.6319.2816.7820.96
Euronotes25.8720.4917.2716.5716.3922.0119.6728.92
Euro-commercial paper14.1212.5511.4510.936.694.734.713.29
Euro-medium-term notes2.022.773.283.628.0516.0113.9025.11
Bonds45.7649.9254.1352.0457.5554.5759.0544.12
Straight bonds30.7035.2232.7335.9745.2543.4045.3229.85
Floating rate bonds3.294.903.778.403.417.138.579.95
Convertible bonds4.612.482.982.401.880.852.222.24
Bonds with warrants attached6.286.5314.014.805.892.572.531.02
Other bonds0.890.790.640.481.120.620.421.06
International equity offerings5.162.002.963.214.444.144.496.00
Depository receipts (ADRs/GDRs/Rule 144A)1.160.280.550.390.860.861.171.14
Total100.00100.00100.00100.00100.00100.00100.00100.00
Sources: Bank of New York; Baring Securities; and Organization for Economic Cooperation and Development, Financial Market Trends, various issues.
Appendix Table 2.Net Crossborder Equity Flows1(In billions of U.S. dollars)
198619871988198919901991199219931994
Investor from
North America3.7−2.24.021.012.048.346.789.155.0
United States2.6−2.72.019.010.343.342.384.849.0
Canada1.10.52.12.01.84.94.44.36.0
Japan8.216.93.017.96.33.6−3.015.313.5
Europe21.49.514.438.34.640.08.061.046.3
United Kingdom8.93.89.724.2−0.925.6−3.119.414.2
Rest of the world8.8−7.711.49.4−19.78.72.030.94.8
Equity from
North America19.820.3−3.713.8−15.99.6−3.932.36.3
United States19.116.5−1.411.4−14.511.0−4.124.31.8
Canada0.73.8−2.32.4−1.3−1.40.37.94.5
Japan−15.8−42.86.87.0−13.346.88.920.445.5
Europe33.629.723.047.715.924.225.568.529.1
United Kingdom7.819.59.711.25.45.810.119.611.1
Emerging markets3.35.93.510.113.215.821.262.439.9
Hong Kong, China, and Singapore2.74.81.91.92.43.95.917.19.0
Other Pacific Rim countries0.71.30.61.41.50.95.023.07.0
Latin America0.20.40.77.09.911.29.620.014.9
Other2−0.3−0.60.3−0.3−0.6−0.10.72.29.0
Rest of the world1.03.43.28.13.34.22.012.31.8
Total42.016.432.986.63.2100.653.7196.3119.6
Source: Baring Securities.
Appendix Table 3.Developments in International Bond Markets
19871988198919901991199219931994
(In billions of U.S. dollars)
Total gross international bonds180.8227.1255.8229.9308.7333.7481.0426.9
Amortization76.082.989.2107.9149.3222.5305.2223.5
Net issues1104.8144.2166.6122.0159.4111.2175.8203.4
By residence of borrower
Industrial countries156.3198.3224.4190.2255.9265.0368.5339.9
Developing countries23.25.23.64.910.217.543.341.3
Offshore centers30.20.30.20.20.16.24.9
Countries in transition0.61.42.21.71.51.35.82.4
Other, including international organizations20.622.025.332.940.949.957.338.2
By category of borrower
Governments23.824.720.224.544.463.6104.383.9
Public enterprises21.332.132.141.048.352.866.157.7
Banks38.861.862.156.055.967.3109.9136.0
Private corporations78.088.8119.879.0123.7108.7152.8120.5
International organizations18.819.721.629.436.441.347.928.8
By currency of denomination(In percent)
U.S. dollar36.237.249.634.831.137.938.138.1
Japanese yen14.710.09.313.413.412.312.418.4
Deutsche mark8.310.46.48.06.610.111.47.4
Swiss franc13.411.67.310.16.55.45.64.7
Pound sterling8.310.57.79.28.47.08.97.1
ECU44.14.94.97.810.66.41.51.8
Other14.915.314.816.923.420.922.222.5
Interest rates(In percent a year)
Eurodollar deposits57.99.48.47.84.53.63.36.3
Dollar Eurobonds610.29.78.79.17.97.36.28.4
Deutsche mark international bonds66.56.27.99.68.67.86.47.7
Memorandum items(In billions of U.S. dollars)
Net issues of medium-term or Euronotes23.319.98.033.034.940.472.1140.2
Bonds purchased or issued by banks53.067.057.979.034.869.4127.569.1
Sources: Bank for International Settlements, International Banking and Financial Market Developments; Organization for Economic Cooperation and Development, Financial Market Trends and Financial Statistics Monthly; and IMF staff estimates.
Appendix Table 4.Financial Futures and Options: Exchanges, Contracts, and Volume of Contracts Traded
Face Value

of Contract1
Volume of Contracts Traded
Exchange/Type198919901991199219931994
(In thousands of contracts)
United States
Chicago Board of Trade (CBOT)
Interest rate
Futures
Thirty-day federal funds$5,000,0006881116234182416
U.S. Treasury notes2$100,00037,8918,69810,01318,10525,25737,480
U.S. Treasury bonds (15-year)$100,00070,30375,49967,88770,00579,42899,960
Municipal bond index$1,000 x index1,0686975497761,1211,601
Mortgage-backed securities$100,00025176
Interest rate swap (three- and five-year)$25,000,000n.t.n.t.72
Canadian Government bonds (ten-year)Can$100,000n.t.n.t.n.t.n.t.n.t.27
Options
Options on U.S. Treasury note futures4$100,0001,1681,0241,0203,2366,8299,125
Flexible options on U.S. Treasury note futures (two-, five-, and ten-year)$100,0005n.t.n.t.n.t.n.t.n.t.66
Options on U.S. Treasury bond futures$100,00020,78427,31521,92620,25923,43528,143
Flexible options on U.S. Treasury bond futures$100,0005n.t.n.t.n.t.n.t.n.t.174
Options on municipal bond index futures$1,000 x index898653386925
Options on mortgage-backed securities futures$100,000141910
Options on interest rate swap futures (three- and five-year)$25,000,000n.t.n.t.6
Options on Canadian Government bond futures (ten-year)Can$100,000n.t.n.t.n.t.n.t.n.t.1
Stock index
Futures
Major market index (MMI)$500 x index1,087951703361155n.t.
Wilshire Small Cap index$500 x indexn.t.n.t.n.t.n.t.2n.t.
Options
Options on MMI futures$500 x indexn.t.n.t.321n.t.
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$100,0001447n.t.n.t.n.t.
Stock index
Options
Standard & Poor’s (S&P) 100 options$100 x index58,37168,84763,93662,42764,03281,825
S&P 500 options$100 x index6,27412,08911,92513,42016,45428,017
Russell 2000 index options$100 x indexn.t.n.t.n.t.40495651
Financial Times stock index (FT-SE) options$100 x of indexn.t.n.t.n.t.16227
Chicago Mercantile Exchange (CME)
Interest rate
Futures
London interbank offered rate—LIBOR (one-month)$3,000,000n.t.844509191,1281,911
Eurodollar (three-month)6$1,000,00040,81834,69637,24460,53164,411104,823
Euro-deutsche mark (three-month)DM 1,000,000n.t.n.t.n.t.n.t.261
U.S. Treasury bills (90-day)$1,000,0001,5021,8702,0121,3371,0171,020
U.S. Treasury bills (one-year)$500,000n.t.n.t.n.t.n.t.n.t.1
Options
Options on LIBOR futures (one-month)$3,000,000n.t.n.t.75999179
Options on Eurodollar futures (three-month)$1,000,0006,0026,8607,87513,76317,00928,146
Options on Euro-deutsche mark futuresDM 1,000,000n.t.n.t.n.t.n.t.9
Options on U.S. Treasury bill futures$1,000,00017324930145
Currency
Futures
Japanese yen6¥ 12,500,0007,8247,4376,0174,5206,0236,613
Deutsche mark6DM 125,0008,1869,16910,92911,59312,86610,956
Deutsche mark rolling spot$250,000n.t.n.t.n.t.n.t.29127
Deutsche mark forward$250,000n.t.n.t.n.t.n.t.n.t.47
French francF 500,000n.t.n.t.n.t.n.t.1949
Pound sterling6£62,5002,5183,4103,7463,0533,7013,563
Pound sterling rolling spot£250,000n.t.n.t.n.t.n.t.2
Canadian dollarCan$100,0001,2641,4091,1391,1721,4111,740
Australian dollar$A 100,0001141057690199355
Swiss francSw F 125,0006,0946,5255,8355,1355,6055,217
Cross-rate deutsche mark/Japanese yenDM 125,000 x DM/¥ cross raten.t.n.t.911
Options
Options on Japanese yen futures¥ 12,500,0003,1273,1162,3971,5182,2622,946
Options on deutsche mark futuresDM 125,0003,7953,4305,6436,3545,9164,794
Options on deutsche mark rolling spot futures$250,000n.t.n.t.n.t.n.t.
Options on French franc futuresF 500,000n.t.n.t.n.t.n.t.61
Options on pound sterling futures£62,500406501650597528920
Options on pound sterling rolling spot futures£250,000n.t.n.t.n.t.n.t.
Options on Canadian dollar futuresCan$100,000274284337307177186
Options on Australian dollar futures$A 100,0002327381338
Options on Swiss franc futuresSw F 125,0001,4891,1309981,027628768
Options on cross-rate deutsche mark/Japanese yen futuresDM 125,000 x DM/¥ cross raten.t.n.t.329
Stock index
Futures
S&P 500 index$500 x index10,56012,13912,34012,41413,20418,709
Nikkei stock index average$5 x indexn.t.52247384357548
S&P MidCap 400 index$500 x indexn.t.n.t.n.t.103219286
Goldman Sachs commodity index$250 x indexn.t.n.t.n.t.36122155
Major market index (MMI)$500 x indexn.t.n.t.n.t.n.t.49150
Russell 2000 stock price index$500 x indexn.t.n.t.n.t.n.t.1936
Options
Options on S&P 500 index futures$500 x index1,1621,6381,8132,2102,9163,821
Options on Nikkei stock index average futures$5 x indexn.t.91214108
Options on S&P MidCap 400 index futures$500 x indexn.t.n.t.n.t.354
Options on Goldman Sachs commodity index futures$250 x indexn.t.n.t.n.t.83834
Options on MMI futures$500 x indexn.t.n.t.n.t.n.t.1
Options on Russell 2000 stock price index futures$500 x indexn.t.n.t.n.t.n.t.13
New York Mercantile Exchange, COMEX Division
Stock index
Futures
Eurotop 100 index$100 x indexn.t.n.t.n.t.265662
Options
Options on Eurotop 100 index futures$100 x indexn.t.n.t.n.t.n.t.1
Philadelphia Board of Trade
Currency
Futures
Foreign currencies711832542
Philadelphia Stock Exchange (PHLX)
Currency
Options
Japanese yen¥ 6,250,0003,3282,9901,7831,3051,302999
Deutsche markDM 62,5005,2774,8927,4727,9666,2183,445
French francF 250,00060401461,2613,9794,508
Pound sterling£31,250482646587789529411
Canadian dollarCan$50,000362475204189221158
Australian dollar$A 50,00041730918614316070
Swiss francSw F 62,5001,114773460434450428
European currency unit (ECU)ECU 62,50031064820
Cross-rate pound sterling/deutsche mark£31,250n.t.n.t.n.t.1815328
Cross-rate deutsche mark/Japanese yenDM 62,500n.t.n.t.1498233
Cash-settled deutsche markDM 62,500n.t.n.t.n.t.n.t.n.t.43
Customized currency8n.t.n.t.n.t.n.t.n.t.7
Stock index
Options
PHLX index options9$100 x index1371853912888471,933
New York Cotton Exchange, FINEX Division
Interest rate
Futures
U.S. Treasury notes10$250,0001159929281815173
Currency
Futures
U.S. dollar index$1,000 x index743565716678599558
ECUECU 100,000161221n.t.
U.S. dollar/deutsche markDM 125,000n.t.n.t.n.t.n.t.n.t.30
Cross-rate deutsche mark/Japanese yenDM 125,000n.t.n.t.n.t.n.t.n.t.31
Cross-rate deutsche mark/ParisDM 500,000n.t.n.t.n.t.n.t.n.t.10
Cross-rate deutsche mark/Italian liraDM 250,000n.t.n.t.n.t.n.t.n.t.4
Cross-rate pound sterling/deutsche mark£125,000n.t.n.t.n.t.n.t.n.t.12
Options
U.S. dollar index$1,000 x index51001,4184706842
Options on ECU futuresECU 100,000n.t.n.t.n.t.5n.t.
New York Futures Exchange (NYFE)
Stock index
Futures
New York Stock Exchange (NYSE) composite stock index$500 x index1,5801,5751,4861,315849729
Commodity Research Bureau (CRB) index$500 x index12570615692110
Options
Options on NYSE composite stock index futures$500 x index392635433027
Options on CRB index futures$500 x index444477
American Stock Exchange (AMEX)
Stock index
Options
AMEX index options12$100 x index8,2656,6905,9766,2474,4953,668
Mid-America Commodity Exchange (Midam)
Interest rate
Futures
Eurodollar (three-month)$500,000n.t.n.t.n.t.379
U.S. Treasury bills (90-day)$500,000941211
U.S. Treasury notes (five- and ten-year)$50,000n.t.n.t.n.t.n.t.1235
U.S. Treasury bonds (15-year)$50,0001,3071,4611,3971,3421,1261,386
Options
Options on U.S. Treasury bond futures (15-year)$50,000n.t.n.t.2423
Currency
Futures
Japanese yen¥ 6,250,000595441396368
Deutsche markDM 62,500548394106124113
Pound sterling£12,500242630446766
Canadian dollarCan$50,0007945910
Swiss francSw F 62,500617674637465
Kansas City Board of Trade
Stock index
Futures
Value Line index$500 x index413658464650
Mini Value Line$100 x index81427344152
Options
Options on Mini Value Line futures$100 x indexn.t.n.t.n.t.123
Pacific Stock Exchange (PSE)
Stock index
Options
Financial News composite index options$100 x index22613072703n.t.
Wilshire Small Cap index options$100 x value of indexn.t.n.t.n.t.n.t.15373
New York Stock Exchange (NYSE)
Stock index and equity
Options
NYSE index options13$100 x index5772621531314231
Equity options3,6062,4801,8641,9821,9902,226
Japan
Osaka Securities Exchange
Stock index
Futures
Nikkei 225¥ 1,000 x index5,44313,58921,64311,9278,4616,209
Nikkei 300¥ 10,000 x indexn.t.n.t.n.t.n.t.n.t.4,184
Options
Nikkei 225 options¥ 1,000 x index6,6109,18811,8369,2576,0904,274
Nikkei 300 options¥ 10,000 x indexn.t.n.t.n.t.n.t.n.t.269
Tokyo International Financial Futures Exchange (TIFFE)
Interest rate
Futures
Eurodollar (three-month)$1,000,00010383
Euro-yen (three-month and one-year)¥ 100,000,0004,49514,41414,66614,96923,39137,451
Options
Options on Euro-yen futures (three-month)¥ 100,000,000n.t.n.t.332486687570
Currency
Futures
U.S. dollar/Japanese yen$50,000n.t.n.t.149864814
Tokyo Stock Exchange
Interest rate
Futures
U.S. Treasury bonds (20-year)$100,000141518125118113116
Japanese Government bonds (JGB) (10- and 20-year)¥ 100,000,00018,97116,31912,82911,87215,16513,003
Options
Options on ten-year JGB futures¥ 100,000,000n.t.2,2881,8501,1411,5071,692
Stock index
Futures
Tokyo Stock Price Index (TOPIX)¥ 10,000 x index3,7283,0911,6771,3582,1572,623
Options
TOPIX options¥ 10,000 x index4,806463120493820
Germany
Deutsche Terminborse (DTB)
Interest rate
Futures
Frankfurt interbank offered rate—FIBOR (three-month)DM 1,000,000n.t.n.t.n.t.n.t.n.t.429
Medium-term notional bond (Bobl)DM 250,000n.t.n.t.2361,6684,5345,648
Notional German Government bond (Bund)DM 250,000n.t.602,2835,3287,62514,160
Notional German Government long-term debt securities (Buxl)DM 250,000n.t.n.t.n.t.n.t.n.t.89
Options
Options on Bobl futuresDM 250,000n.t.n.t.n.t.n.t.5446
Options on Bund futuresDM 250,000n.t.n.t.163498252261
Stock index and equity
Futures
German Stock Index (DAX)DM 100 per DAX index pointn.t.511,2513,2713,9775,141
Options
Options on DAX futuresOne DAX futures contractn.t.n.t.n.t.1366350
DAX optionsDM 10 per DAX index pointn.t.n.t.2,04613,94521,42023,500
DTB stock options50 shares of underlying stocksn.t.6,6889,3909,99612,2539,885
France
Marché à Terme International de France (MATIF)
Interest rate
Futures
Paris interbank offered rate—PIBOR (three-month)F 5,000,0002,2961,9013,0006,43711,86413,176
Medium-term French Treasury bondF 500,000n.t.n.t.n.t.n.t.99
ECU bondECU 100,000n.t.565461,354873619
Long-term French Treasury bondF 500,000n.t.n.t.n.t.n.t.29
Notional bonds14F 500,00015,00515,99621,08831,06336,80550,153
Options
Options on three-month PIBOR futuresF 5,000,000n.t.7101,3742,6604,8303,361
Options on ECU bond futuresECU 100,000n.t.n.t.218381
Options on notional bond futuresF 500,0007,1507,4108,41210,04711,57318,025
Currency
Options
Options on U.S. dollar/French franc$100,000n.t.n.t.n.t.n.t.n.t.75
Options on U.S. dollar/deutsche mark$100,000n.t.n.t.n.t.n.t.n.t.225
Stock index
Futures
CAC 40 stock indexF200 x index5811,6412,3113,6015,9097,464
Marché des Options Negociables de Paris (MONEP)
Stock index
Options
CAC 40 stock index options (short-term)F 200 x index8162,4703,7183,1712,4522,755
CAC 40 stock index options (long-term)F50 x indexn.t.n.t.875471,7612,996
Italy
Mercato Italiano Futures
Interest rate
Futures
BTP (five-year)Lit 250,000,000n.t.n.t.n.t.491,637667
BTP (ten-year)Lit 250,000,000n.t.n.t.n.t.5212,7773,703
Options
Options on BTP futures (ten-year)Lit 250,000,000n.t.n.t.n.t.n.t.n.t.71
United Kingdom
London International Financial Futures Exchange (LIFFE)
Interest rate
Futures
Eurodollar (three-month)$1,000,0002,0611,24999470924592
Euro-deutsche mark (three-month)DM 1,000,0009522,6604,78412,17321,31929,312
Euro-lira (three-month)Lit 1,000,000,000n.t.n.t.n.t.3761,4793,456
Short sterling (three-month)£500,0007,1148,3558,06411,29612,13616,603
Euro-Swiss (three-month)Sw F 1,000,000n.t.n.t.5481,9701,8461,699
ECU (three-month)ECU 1,000,0001664115317721622
Medium-term German Government bond (Bobl)DM 250,000n.t.n.t.n.t.n.t.1,05073
U.S. Treasury bonds$100,0009677564632725n.t.
Japanese Government bond (JGB)15¥ 100,000,00011746106221421611
German Government bond (Bund)DM 250,0005,3309,58210,11213,60520,44037,335
Italian Government bond (BTP)Lit 200,000,000n.t.n.t.4833,7736,34411,824
Long gilt (government bond)16£50,0004,0635,6435,6398,80511,80919,048
Spanish Government bondPta 20,000,000n.t.n.t.n.t.n.t.28n.t.
ECU bondECU 200,000n.t.n.t.547n.t.n.t.
Options
Options on Eurodollar futures (three-month)$1,000,000826531732012
Options on Euro-deutsche mark futures (three-month)DM 1,000,000n.t.2485141,9642,9062,944
Options on short sterling futures (three-month)£500,0008241,3771,5942,6482,6674,058
Options on Euro-Swiss futures (three-month)Sw F 1,000,000n.t.n.t.n.t.173219
Options on U.S. Treasury bond futures$100,000768740683n.t.
Options on Bund futuresDM 250,0004691,8042,4532,7504,4168,574
Options on BTP futuresLit 200,000,000n.t.n.t.163956021,031
Options on long gilt futures£50,0007277908441,8132,0592,357
Stock index
Futures
Financial Times stock index (FT-SE 100)£25 x index1,0281,4441,7272,6193,1204,227
FT-SE Mid 250 index£10 x indexn.t.n.t.n.t.n.t.n.t.41
Options
FT-SE 100 options£10 x indexn.t.n.t.n.t.3,0633,4394,787
Canada
Montreal Exchange
Interest rate
Futures
Canadian Bankers’ Acceptances17Can$l,000,00028881944437491,931
Canadian Government bonds (ten-year)Can$100,000874544215168951,497
Options
Canadian Government bond optionsCan$25,00032313947516151
Options on Canadian Government bond futuresCan$100,000n.t.n.t.15596
Options on Canadian Bankers’ Acceptances
futures (three-month)Can$l,000,000n.t.n.t.n.t.n.t.n.t.29
Toronto Futures Exchange
Stock index
Futures
Toronto Stock Exchange (TSE) 35 indexCan$500 x index3553615969104
TSE 100 indexCan$500 x indexn.t.n.t.n.t.n.t.n.t.11
Options
TSE 35 index optionsCan$100 x index487698465302221247
TSE 100 index optionsCan$100 x indexn.t.n.t.n.t.n.t.n.t.13
Toronto Stock Exchange
Equity
Options
Canadian equity options100 shares2,4351,4111,0158891,1551,207
Spain
Meff Renta Fija
Interest rate
Futures
Madrid interbank offered rate—MIBOR18Pta 10,000,000n.t.174567472,3634,176
Notional bond (three-, five-, and ten-year)Pta 10,000,000n.t.1715351,0154,55313,204
Options
Options on MIBOR futures (90-day)Pta 10,000,000n.t.n.t.n.t.8140307
Notional bond (three- and ten-year)Pta 10,000,000n.t.n.t.n.t.3821,0882,048
Currency
Futures
Spanish peseta/U.S. dollar$100,000n.t.n.t.412n.t.
Spanish peseta/deutsche markDM 125,000n.t.n.t.11553n.t.
Meff Renta Variable
Stock index
Futures
IBEX 35 indexPta 100 x indexn.t.n.t.n.t.2,86410,85627,647
Options
IBEX 35 index optionsPta 100 x indexn.t.n.t.n.t.2,4473,5637,566
The Netherlands
European Options Exchange (EOE)
Interest rate
Options
Dutch Government bond optionsf. 10,000486260232270436447
Flexible Dutch Government bond optionsf. 10,000n.t.n.t.n.t.n.t.n.t.181
Options on Dutch Government bond futuresf. 250,000n.t.1811
Currency
Options
U.S. dollar/guilder and pound sterling/guilder options$10,000

£10,000
469200373538673483
Stock index and equity
Options
EOE stock index and

MMI U.S. stock index options19
f. 100 x index and

$100 x index
1,9952,0032,3842,4712,7012,853
Dutch Top 5 index options100 x value of indexn.t.174330493412394
Eurotop 100 index options50 x value of indexn.t.n.t.101031
Dutch stock options100 shares9,9987,5257,0136,8098,0357,943
Financial Futures Market
Interest rate
Futures
Notional guilder bondf. 250,000625429257014
Currency
Futures
U.S. dollar/guilder$25,000n.t.n.t.2112213
Stock index
Futures
EOE stock indexf. 200 x index2384374854928121,031
Dutch Top 5 indexf. 200 x indexn.t.4347525862
Eurotop 100 indexECU 50 x indexn.t.n.t.121
Australia
Sydney Futures Exchange
Interest rate
Futures
Bank bills (90-day)$A 500,0005,9115,0814,6525,6986,4159,369
Treasury bonds (three-year)$A 100,0009671,6082,1125,4356,9409,710
Commonwealth Treasury bonds (ten-year)$A 100,0003,2223,1743,6024,2534,7826,815
Options
Options on bank bill futures (90-day)$A 500,000515606719610663944
Options on Treasury bond futures (three-year)$A 100,0002575107317515507
Options on Commonwealth Treasury bond futures (ten-year)$A 100,000709512670746713800
Overnight options on Commonwealth
Treasury bond futures (three-year)$A 100,000n.t.n.t.n.t.n.t.2
Overnight options on Commonwealth
Treasury bond futures (ten-year)$A 100,000n.t.n.t.n.t.n.t.219
Stock index
Futures
All-ordinaries share price index$A 25 x index3263143883429812,553
Options
Options on All-ordinaries share price index futures$A 25 x index140186248154467834
Switzerland
Swiss Options and Financial Futures Exchange (SOFFEX)
Interest rate
Futures
Euro-Swiss franc (three-month)Sw F 1,000,000n.t.n.t.122184n.t.
Swiss franc (five-year)Sw F 100,000n.t.n.t.5920029n.t.
Swiss Government bondSw F 100,000n.t.n.t.n.t.234271950
Options
Options on Swiss Government bond futuresSw F 100,000n.t.n.t.n.t.n.t.n.t.50
Stock index
Futures
Swiss market indexSw F 50 x indexn.t.315918479141,694
Options
Swiss market index optionsSw F 5 x index2,1154,6836,1757,7945,5956,679
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.52191150
Belgian Government bondsBF 2,500,000n.t.n.t.13264585688
Options
Options on Belgian Government bond futuresBF 2,500,000n.t.n.t.n.t.n.t.n.t.52
Currency
Options
U.S. dollar/Belgian franc$10,000n.t.n.t.n.t.n.t.n.t.30
Stock index and equity
Futures
Bel 20 indexBF 1,000 x indexn.t.n.t.n.t.n.t.12155
Options
Bel 20 index optionsBF 100 x indexn.t.n.t.n.t.n.t.346561
Stock options20 shares of underlying stocksn.t.n.t.n.t.104275280
Sweden
Stockholm Options Market
Interest rate
Futures
Interest rateSKr 1,000,000n.t.n.t.4,1347,42011,27214,124
Swedish Treasury billsSKr 1,000,000n.t.2061,9803,9303,9903,696
Swedish Government bonds (two-, five-, and ten-year)SKr 1,000,000n.t.1161,6462,3423,8144,582
Options
Interest rate optionsSKr 1,000,000219942086
Stock index and equity
Futures
Stock futuresSKr 100 x index3521119208
OMX indexSKr 100 x index41174506281,707
Options
Stock optionsSKr 100 x index3,1952,8494,0743,5437,06810,055
OMX index optionsSKr 100 x index5,0165,1694,8265,6054,0735,812
Austria
Austrian Futures and Options Exchange (ÖTOB)
Interest rate
Futures
Austrian Government bondsS 1,000,000n.t.n.t.n.t.n.t.43124
Stock index and equity
Futures
Austrian Traded index (ATX)S 100 x indexn.t.n.t.n.t.67174348
Options
ATX optionsS 100 x indexn.t.n.t.n.t.1766731,253
ATX long-term equity optionsS 100 x indexn.t.n.t.n.t.n.t.n.t.9
Denmark
Guarantee Fund for Danish Options and Futures (FUTOP)
Interest rate
Futures
Danish Government bondsDKr 1,000,0001122283548580520
Mortgage credit bondsDKr 1,000,0002293291003430172
Copenhagen interbank offered rate—CIBOR (three-month)DKr 5,000,000n.t.n.t.n.t.n.t.3533
Options
Options on Danish Government bond futuresDKr 1,000,000n.t.n.t.5315386101
Options on mortgage credit bondsDKr 1,000,000418735n.t.n.t.
Stock index and equity
Futures
KFX stock indexDKr 1,000 x index7243336407339429
Options
Options on KFX stock index futuresDKr 1,000 x indexn.t.551351948780
Options on Danish equities100 underlying sharesn.t.3143187164110
Norway
Oslo Stock Exchange
Interest rate
Futures
Norwegian Government bonds (ten-year)NKr 1,000,000n.t.n.t.n.t.n.t.28165
Norwegian Government bonds (five-year)NKr 1,000,000n.t.n.t.n.t.n.t.n.t.44
Stock index
Futures
OBX indexNKr 100 x indexn.t.n.t.n.t.15174
Options
OBX index optionsNKr 100 x indexn.t.39224445386422
Long OBX optionsNKr 100 x indexn.t.n.t.n.t.n.t.11
Finland
Finnish Options Market Exchange and Clearing House
Stock index
Futures
FOX indexFmk 100 x index704335375470
Options
FOX index optionsFmk 100 x index931747636398378415
Ireland
Irish Futures and Options Exchange
Interest rate
Futures
Dublin interbank offered rate—DIBOR (three-month)£Ir 500,0001575643
Short gilt£Ir 100,000n.t.1321
Long gilt£Ir 50,000481041012
New Zealand
New Zealand Futures and Options Exchange
Interest rate
Futures
Bank bills (90-day)$NZ 500,000118281408392463608
Government stock (three-, five-, and ten-year)$NZ 100,000349308267208146144
Options
Options on bank bill futures$NZ 500,00023303987
Options on Government stock futures (three-, five-, and ten-year)$NZ 100,000279222934
Stock index
Futures
Forty index$NZ 20 x indexn.t.n.t.3547
Options
Forty index options$NZ 20 x indexn.t.n.t.112
Hong Kong
Hong Kong Futures Exchange (HKFX)
Interest rate
Futures
Hong Kong interbank offered rate—HIBOR (three-month)HK$1,000,000n.t.551
Stock index
Futures
Hang Seng indexHK$50 x index2362365361,0872,4164,193
Options
Hang Seng index optionsHK$50 x indexn.t.n.t.n.t.n.t.282607
Singapore
Singapore International Monetary Exchange (SIMEX)
Interest rate
Futures
Eurodollar (three-month)$1,000,0003,8623,4693,4335,6185,5368,688
Euro-yen (three-month)¥ 100,000,0001698161,4922,4733,5336,821
Euro-deutsche mark (three-month)DM 1,000,000n.t.5733523231
Japanese Government bond (ten-year)¥ 50,000,000n.t.n.t.n.t.n.t.29444
Options
Options on Eurodollar futures (three-month)$1,000,0001013512714
Options on Euro-yen futures (three-month)¥ 100,000,000n.t.62818157126
Options on Japanese Government bond futures (ten-year)¥ 50,000,000n.t.n.t.n.t.n.t.n.t.40
Currency
Futures
Japanese yen¥ 12,500,00028711647202117
Deutsche markDM 125,00084646045169
Pound sterling£62,500334442
Deferred spot U.S. dollar/Japanese yen$100,000n.t.n.t.n.t.n.t.1369
Deferred spot U.S. dollar/deutsche mark$100,000n.t.n.t.n.t.n.t.26131
Options
Options on Japanese yen futures¥ 12,500,0002n.t.
Stock index
Futures
Nikkei stock average¥ 500 x index8598817223,3495,1625,801
Options
Options on Nikkei stock average futures¥ 500 x indexn.t.n.t.n.t.2698981,497
Sources: American Stock Exchange; Austrian Futures and Options Exchange; Nick Battley, ed., The World’s Futures & Options Markets (Chicago: Probus Publishing Company, 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, various issues; Guarantee Fund for Danish Options and Futures; Hong Kong Futures Exchange; Irish Futures and Options Exchange; London International Financial Futures Exchange; Marché à Terme International de France (MATIF); Meff Renta Fija; Meff Renta Variable; Mercato Italiano Futures; Mid-America Commodity Exchange; Montreal Exchange; New York Cotton Exchange; New York Mercantile Exchange; New York Stock Exchange; Oslo Stock Exchange; Pacific Stock Exchange; Philadelphia Stock Exchange; Singapore International Monetary Exchange; Stockholm Options Market; Swiss Options and Financial Futures Exchange; Tokyo International Financial Futures Exchange; Tokyo Stock Exchange; Toronto Futures Exchange; and Toronto Stock Exchange.Note: n.t. = not traded; – = either zero or fewer 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; Pta = Spanish peseta; SKr = Swedish krona; Sw F = Swiss franc; and $ = U.S. dollar; Options volume is puts and calls combined.

World Economic and Financial Surveys

This series (ISSN 0258-7440) contains biannual, annual, and periodic studies covering monetary and financial issues of importance to the global economy. The core elements of the series are the World Economic Outlook report, usually published in May and October, and the annual report on International Capital Markets. Other studies assess international trade policy, private market and official financing for developing countries, exchange and payments systems, export credit policies, and issues raised in the World Economic Outlook.

World Economic Outlook: A Survey by the Staff of the International Monetary Fund

The World Economic Outlook, published twice a year in English, French, Spanish, and Arabic, presents IMF staff economists’ analyses of global economic developments during the near and medium term. Chapters give an overview of the world economy; consider issues affecting industrial countries, developing countries, and economies in transition to the market; and address topics of pressing current interest.

ISSN 0256-6877.

$34.00 (academic rate: $23.00; paper).

1995 (May). ISBN 1-55775-468-3. Stock #WEO-195.

1994 (May). ISBN 1-55775-381-4. Stock #WEO-194.

1994 (Oct.). ISBN 1-55775-385-7. Stock #WEO-294.

International Capital Markets: Developments, Prospects, and Policy Issues

This annual report reviews developments in international capital markets, including recent bond market turbulence and the role of hedge funds, supervision of banks and nonbanks and the regulation of derivatives, structural changes in government securities markets, and recent developments in private market financing for developing countries

$20.00 (academic rate: $12.00; paper).

1995 ISBN 1-55775-516-7. Stock #WEO-695.

1994. ISBN 1-55775-426-8. Stock #WEO-694.

Staff Studies for the World Economic Outlook

by the IMF’s Research Department

These studies, supporting analyses and scenarios of the World Economic Outlook, provide a detailed examination of theory and evidence on major issues currently affecting the global economy.

$20.00 (academic rate: $12.00; paper).

1995. ISBN 1-55775-499-3. Stock #WEO-395.

1993. ISBN 1-55775-337-7. Stock #WEO-393.

Issues in International Exchange and Payments Systems

by a Staff Team from the IMF’s Monetary and Exchange Affairs Department

The global trend toward liberalization in countries’ international exchange and payments systems has been widespread in both industrial and developing countries and most dramatic in Central and Eastern Europe. Countries in general have brought their exchange systems more in line with market principles and moved toward more flexible exchange rate arrangements in recent years.

$20.00 (academic rate: $12.00; paper).

1995. ISBN 1-55775-480-2. Stock #WEO-895.

Private Market Financing for Developing Countries

by a Staff Team from the IMF’s Policy Development and Review Department

This study surveys recent trends in private market financing for developing countries, including flows to developing countries through banking and securities markets; the restoration of access to voluntary market financing for some developing countries; and the status of commercial bank debt in low-income countries.

$20.00 (academic rate: $12.00; paper).

1995. ISBN 1-55775-456-X. Stock #WEO-994.

1993. ISBN 1-55775-361-X. Stock #WEO-993.

International Trade Policies

by a Staff Team led by Naheed Kirmani

The study reviews major issues and developments in trade and their implications for the work of the IMF. Volume I, The Uruguay Round and Beyond: Principal Issues, gives and overview of the principal issues and developments in the world trading system. Volume II, The Uruguay Round and Beyond: Background Papers, presents detailed background papers on selected trade and trade-related issues. This study updates previous studies published under the tide Issues and Developments in International Trade Policy.

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1994. Volume I. The Uruguay Round and Beyond: Principal Issues

ISBN 1-55775-469-1. Stock #WEO-1094.

1994. Volume II. The Uruguay Round and Beyond: Background Papers

ISBN 1-55775-457-8. Stock #WEO-1494. 1992.

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by a Staff Team from the IMF’s Policy Development and Review Department led by Michael Kuhn

This study provides information on official financing for developing countries, with the focus on low- and lower-middle-income countries. It updates and replaces Multilateral Official Debt Rescheduling: Recent Experience and reviews developments in direct financing by official and multilateral sources.

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1994. ISBN 1-55775-378-4. Stock #WEO-1394.

Officially Supported Export Credits: Recent Developments and Prospects

by Michael G. Kuhn, Balazs Horvath, Christopher J. Jarvis

This study examines export credit and cover policies in major industrial countries.

$20.00 (academic rate: $12.00; paper).

1995. ISBN 1-55775-448-9. Stock #WEO-595.

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