The notional amount of bank derivatives swelled by $987 billion in the first quarter to $17.85 trillion, topping the previous record of $17.6 trillion set in the third quarter of 1995, the Office of the Comptroller of the Currency reported Monday.

The notional amount of interest rate and foreign exchange contracts rose in the quarter, but declined slightly for commodity and equity contracts. Interest rate contracts, which comprise 66% of derivatives contracts, jumped $725 billion, to $11.8 trillion, while foreign exchange contracts increased $262 billion, to $5.6 trillion.

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