The global over-the-counter derivatives market grew by 20% in the first six months of this year with the value of contracts reaching $169.7trillion (€145.2trillion), according to latest figures from the Bank for International Settlements.

This compares with an 11% increase in the previous half-year period. Gross market values also grew significantly, rising by 24% to $7.9trillion, compared with a 43% increase in the second half of 2002.