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.

The survey also found that the participating firms' credit exposure from derivatives was significantly less than their credit exposure from other financial activities.

The 14 dealers surveyed had a total of $442 billion of securities held either for investment purposes or in trading accounts, compared with $101.3 billion in net value of swaps outstanding.

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