A hawkish Federal Reserve and a brace of swaps market innovations worked to turbocharge growth in over-the-counter interest rate derivatives notionals in the first half of the year, while simultaneously decimating their actual market values.
Data published by the Bank for International Settlements (BIS) show interest rate swap notionals jumped 13% to $481 trillion in the first half of the year compared with the second half of 2017, to their highest level since end-2014. But total market value
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