The value of over-the-counter interest rate derivatives plummeted more than 16% to $7.6 trillion in the second half of 2017 compared with the first, likely driven by an increase in long-term yields. Figures published by the Bank for International Settlements (BIS) show the decline is part of a continuing downtrend that began in the first half of 2016 when the total gross market value last peaked at$16.4 trillion. The latest numbers mark their lowest level since 2007.

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