LONDON - Chemical Bank and Chase Manhattan Bank will have 40% of the global over-the-counter market for derivatives after their merger, said Risk magazine, a monthly specializing in high-risk investments.

In its September issue the magazine said the merger would create "a new powerhouse" in derivatives. In the same issue Risk named Chemical the top interest rate swaps house for 1995 and leader in Asian derivatives. Chase led in currency options.

The Risk awards were as follows: Interest rate swaps, Chemical Bank; interest rate options/swaptions, J.P. Morgan; currency options, Chase Manhattan Bank; equity derivatives, Swiss Bank Corp.; second-generation products, Bankers Trust; Asian derivatives, Chemical Bank; repos, Salomon Brothers.

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