London's importance as a centre of derivatives trading was underlined last week by a report showing the UK capital to be the world's biggest over-the-counter (OTC) derivatives-trading centre, accounting for 36% of the $1.4 trillion-a-day market, substantially above the 27% share recorded in 1995.

Derivatives, published by the UK promotional body, International Financial Services London (IFSL), was released to coincide with a London derivatives conference jointly organised by the Futures Industry Association (FIA) and the Futures and Options Exchange (FOA). IFSL, formerly known as British Invisibles, is a privately funded company which promotes UK financial services.