The NYT has an interesting article:
http://www.nytimes.com/2010/12/12/business/12advantage.html?_r=1&pagewanted=all
According to BIS, daily average foreign exchange market turnover reached $4
trillion in April 2010, 20% higher than in 2007.
http://www.bis.org/publ/qtrpdf/r_qt1012e.pdf
Average daily turnover of derivatives in 33 Emerging Market Economies for
which data are available was $1.2 trillion in April 2010 (6.2% of those
economies' GDP), compared to $13.8 trillion (36% of GDP) in advanced
economies. http://www.bis.org/publ/qtrpdf/r_qt1012f.pdf
The outstanding value of total OTC derivatives contracts traded declined
from $672.5 trillion in June 2008 to $582.6 trillion in June 2010
http://www.bis.org/statistics/otcder/dt1920a.pdf
Even if you assume that the actual net profit on derivatives contracts is at
best only a few percent, the total global earnings must run into the
trillions of dollars. That's insurance with a capital "I".
J.
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Received on Sun Dec 12 16:26:16 2010
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