Derivatives end-user - World Bank

In some ways, the history of derivatives is the history of the World Bank. "If you look back, you'll find a number of transactions that the World Bank has done where we were pushing the envelope in terms of the risks that could be defined and embedded in derivatives transactions to enable investors with particular views to express them," says Kenneth Lay, vice-president and treasurer of the World Bank.

The beginning of the currency swap market, for example, can be traced back to World Bank deals