BIS Quarterly Review, November 1997
Introduction
This commentary on recent developments in international banking, securities and global derivatives markets is based on partial information available for the third quarter of 1997 and on more detailed banking data for the second quarter of 1997. 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 third quarter of 1997 and the more detailed BIS international banking statistics, which are available up to end-March. Part III reviews developments in international securities markets in the third quarter of 1997, while 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.