Abstract

Includes turnover in derivative securities unless otherwise attributed.

Table A1.

Net Foreign Exchange Market Turnover Handled by Brokers in Selected Industrial Countries1

(In percent of total turnover)

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Sources: Bank of Canada; Bank of England; Bank of Japan; Bank for International Settlements; Banque de France; Federal Reserve Bank of New York; Monetary Affairs Branch, Hong Kong; Monetary Authority of Singapore; Reserve Bank of Australia; and Swiss National Bank.

Includes turnover in derivative securities unless otherwise attributed.

Data for 1986 and 1989 are for gross turnover. The 1992 data for wholesale and retail turnover proportions incorporate a more detailed presentation which allowed disaggregation of OTC options by counterparty.

Table A2.

Assets of U.S. Institutional Investors by Type of Institution

(In billions of U. S. dollars)

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Source: Posen and Nada (1992), Exhibit 2.
Table A3.

Investments of Japanese Life Insurers

(In billions of U.S. dollars)

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Source: Life Insurance Association of Japan (1992), pp. 8-9.Note: Yen figures converted to U.S. dollars using end-March exchange rates.
Table A4.

United States: Foreign Assets Held in Collective Investment Funds

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Source: Federal Financial Institutions Examination Council.
Table A5.

Outstanding Swap Transactions by Currencies

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Sources: Bank for International Settlements (1991), Tables 14A and 14B; and International Swap Dealers Association.

Each currency swap involves two currencies. To avoid double counting, the total is therefore half the sum of the individual currency amounts, and the percentages in each currency add up to 200 percent of this total.

Table A6.

Currency Futures and Options: Exchanges, Contracts, and Volume of Contracts Traded

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Sources: Euromoney (Corporate Finance Supplement), Futures and Options 1990 Directory, Futures Industry Association, International Report, Monthly Options Report, and Monthly Volume Report (various issues); and Volume of Futures Trading, 1960 Through 1990; Mid-America Commodity Exchange; and Philadelphia Stock Exchange.Note: — = either zero or less than 500 contracts; options volume is puts and calls combined.

CME deutsche mark, Eurodollar, Japanese yen, and pound sterling contracts are listed on a mutual offset link with the Singapore International Monetary Exchange (SIMEX) in Singapore.

Include American and European options.

Table A7.

Average Daily Settlement Volume on CHIPS and Fedwire

(In billions of U. S. dollars)

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Sources: Association of Reserve City Bankers (1982), p. 12; Board of Governors of the Federal Reserve System; and New York Clearing House.
Table A8.

Italy: Net External Assets of Credit System

(In billions of lire, end of period)

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Source: Bank of Italy (1991).

Includes offshore banking centers.

Table A9.

Spain: Geographic Distribution of Foreign Investment Flows1

(In billions of pesetas)

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Source: Bank of Spain (1992), Tables 17.32 and 17.33.

Includes foreign direct investment plus portfolio investment.

For the first three quarters.

Table A10.

Germany: Geographic Distribution of Foreign Investment Flows

(In billions of deutsche mark)

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Source: Deutsche Bundesbank.

For the first three quarters.

Table A11.

Selected Central Bank Policies, June-December 1992

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Sources: Bank for International Settlements; Bank of Denmark; Bank of England; Bank of Finland; Bank of Italy; Bank of Norway; Bank of Portugal; Banque de France; Central Bank of Ireland; Bank of Spain; De Nederlandsche Bank; Deutsche Bundesbank; Financial Times (various issues); International Monetary Fund; Mary R. McCarthy, “A Chronology of Recent Events in the EMS,” ECU: Current European Monetary Events (Brussels, No. 21, 1992), pp. 3-6; National Bank of Belgium; and Sveriges Riksbank.

Note: On December 30, 1992, Nordic central banks announced an expansion of their swap arrangements to provide short-term currency support. Denmark, Finland, Norway, and Sweden will each be entitled to borrow up to ECU 2 billion, and Iceland up to ECU 200 million. Each central bank except for Iceland will be required to provide support up to ECU 1 billion (ECU 100 million for Iceland).

Where it has not been possible to distinguish, dates may refer to policy announcements rather than implementation.

This table covers events only until end-1992. On January 30, 1993, the Irish authorities devalued the Irish pound by 10.0 percent against other ERM currencies.

Table A12.

Selected Sovereign Borrowing from Private Sources, June-November 1992

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Source: Euroweek (various issues).

On November 13, 1992, it was announced that the United Kingdom had begun discussions on the feasibility of a ¥ 500 billion Euro-yen bond to complete the ECU 5 billion foreign currency bond program.

Sweden issued some $4 billion of commercial papers (CP) under existing programs ($3 billion Euro-CP and $2 billion U.S.-CP). It also drew down two existing jumbo loans. CP programs were to be increased. U.S. shelf registration increased from $1.2 billion to $3.8 billion effective November 16.

On September 10, 1992, Finland announced that it had updated its U.S. shelf registration, increasing the ceiling from $800 million to $3 billion.

Table A13.

Interest Rate Futures and Options: Exchanges, Contracts, and Volume of Contracts Traded

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Sources: Chicago Board of Trade, Chicago Mercantile Exchange, Euromoney (Corporate Finance Supplement), Futures and Options 1990 Directory; Futures Industry Association, International Report, Monthly Options Report, and Monthly Volume Report (various issues); and Volume of Futures Trading, 1960 Through 1990; London International Financial Futures Exchange; Marché à Terme International de France; and Mid-America Commodity Exchange.Notes: n.t. = not traded; — = either zero or less than 500 contracts; options volume is puts and calls combined.

Data on 6½-10-year notes for 1987; on 6½-10-year and 5-year notes for 1988 and 1989; on 6½-10-year, 5-year, and 2-year notes for 1990 and 1991; and on 10-year, 5-year, and 2-year notes for 1992.

Face value of contract is $100,000 for 6½-10-year and 5-year notes, and $200,000 for 2-year notes.

Data on 10-year notes for 1987-89, on 10-year and 5-year notes for 1990 and 1991; and on 10-year, 5-year, and 2-year notes for 1992. Face value of contract is $100,000 for 10- and 5-year notes; and $200,000 for 2-year notes.

CME deutsche mark, Eurodollar, Japanese yen, and pound sterling contracts are listed on a mutual offset link with the Singapore International Monetary Exchange (SIMEX) in Singapore.

5-year notes for 1987 and 1988; and 5-year and 2-year notes from 1989 onward.

Commodity size is $100,000 for 5-year notes, and $200,000 for 2-year notes.

Very few short gilts (with contract size of £100,000), a small number of medium gilts (£50,000), and mainly long gilts (£50,000).

A contract identical to the MATIF T-bond future is also traded on an over-the-counter basis outside exchange hours, and is cleared by the clearinghouse.

Include 1- and 3-month futures. Face value of contract for the 1-month futures is Can$3,000,000 and for the 3-month futures is Can$1,000,000.