Trading in emerging market debt totaled $5.3 trillion in 1996, nearly double the previous year's $2.74 trillion, according to a survey by the Emerging Markets Traders Association.

The survey, which underscores the speed at which trading in securities from less developed nations is growing, found that trading in government- issued Eurobonds rose 210%, followed by a 163% increase in options trading and a 128% increase in corporate Eurobonds. Trading in debt instruments in local markets rose 108%, while trading in loans grew 42%.

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