Apple derivatives use surges

Apple has increased its derivatives usage 18-fold over the past decade to $162 billion in notionals and grown its book of non-hedging instruments faster than those designated for hedging.

The tech giant recorded just $9 billion of outstanding derivatives notionals – exclusively for foreign exchange contracts – in 2008. In the 10 years since, it has ramped up forex derivatives notionals to $128 billion (1,322%). In 2013, the firm started using interest rate derivatives and has grown notionals by

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