Though a handful of dealers first began offering inflation-linked swaps around a decade ago, the market has only really taken off in the past year. Even some of the more established dealers have seen volumes surge dramatically. One London-based trader at a major bank says the notional of his trading book ballooned to e5.5 billion at the end of 2002 – an elevenfold increase on the figure for 2001. Dariush Mirfendereski, London-based director in inflation-linked derivatives trading at Barclays Cap
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