Introduction

Technology has always been critical to development of the derivatives market. Without the PC, the development of spreadsheets and the writing of elementary pricing and risk management programs by traders, the interest rate swaps market would have struggled to reach anywhere near its current levels. As of June 30, the outstanding notional of interest rate derivatives, including interest rate swaps, options and cross-currency swaps, reached $347.09 trillion, according to the International Swap

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