Understanding Derivatives: A Prerequisite for New Executives?

Michael J. Egelhof

The international derivatives market continues to register extremely strong gains. By press release dated July 10, 1996, The International Swaps and Derivatives Association, Inc. (“ISDA”) announced the following results of its survey of swaps and other privately negotiated derivatives transactions in 1995, compiled by the Arthur Andersen accounting firm. At the close of 1995, transactions outstanding in interest rate and currency swaps and options stood at 17.7 trillion dollars in notional principal, up 56.7% from year-end 1994.

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