BIS Quarterly Review, February 1997
Introduction
This commentary on recent developments in international banking, securities and global derivatives markets is based on partial information available for the fourth quarter of 1996 and on more detailed banking data for the third quarter. It is divided into four parts. Part I provides an overview of the main underlying trends that appear to have emerged in recent months in international financial markets. Part II deals with the international banking market, using information on syndicated loan facilities for the fourth quarter of 1996 and the more detailed BIS international banking statistics, which are available up to end-September. Part III reviews developments in international securities markets in the fourth quarter of 1996 and discusses in an appendix some of the conceptual issues involved in classifying international bonds. Finally, Part IV outlines the main features of recent developments in derivatives, both those traded on exchanges, for which comprehensive up-to-date statistics are available, and over-the-counter instruments.