While the rest of the industry spent 1992 toppling volume records, derivatives desks enjoyed their own version of success, busily detaching calls, imbedding caps, and swapping interest rates with issuer heavyweights.

"The ice was broken on the derivatives market in '91, but in '92 it really began to take off," said Peter Shapiro, a manager of municipal derivatives at Citicorp Securities Markets Inc.

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