Despite negative publicity and highly publicized losses attributed to the use of derivatives, the market continues to show healthy growth as more and more institutions use the financial instruments to hedge their risks.

In its semiannual report on global swaps activity, the International Swaps and Derivatives Association said the volume of new swaps written during the second half of 1993 rose nearly 12% to $2.9 trillion, up from $2.6 trillion a year earlier.

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