NEW YORK -- At yearend 1993, the net replacement value of the interest rate and currency swaps outstanding at 14 leading derivatives dealers worldwide was $101.3 billion, or 1.22% of their $7.6 trillion notional amount, according to the International Swaps and Derivatives Association.

The gross replacement value of swaps outstanding was $178.4 billion, or 2.15% of the notional amount.

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