The credit crunch has divided activity in the over-the-counter derivatives marketplace, as falling stock markets fuel rampant growth in credit default swaps but diminish the value of equity-linked contracts.
The outstanding value of OTC equity derivatives sank to $8.5 trillion (â¬5.4 trillion) in December from $8.6 trillion in June, according to the Bank for International Settlements, a Basel-based organisation of central banks.
