Trading in interest rate products grew by 26% in the first quarter amid expectations for higher interest rates in the US and Japan. Uncertainty over the timing of US interest rate rises caused a 38% increase in the trading of short-term US interest rates. Turnover in futures and options on 30-day federal funds doubled to $36 trillion in the first quarter, while open interest in these contracts rose 70% to $12 trillion.Elsewhere, the ending of the Bank of Japan’s quantitative easing policy in
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