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The report states among others that the pace of borrowing activity in the international debt securities market slowed in the third quarter of 2005, with gross issuance of bonds and notes down 19% from the second quarter. However, due to strong issuance earlier in the year, third quarter gross issuance was still up on a year-over-year basis by almost 10%.
Trading on the international derivatives exchanges declined during the third quarter of 2005. Combined turnover in fixed income, equity index and currency contracts fell by 4% quarter-on-quarter to $357 trillion.
Interbank activity drove strong growth in BIS reporting banks’ cross-border claims in the second quarter of 2005. Banks channelled funds to other banks in the United States, United Kingdom and offshore centres, with inter-office transactions accounting for roughly one third of the total. Credit to non-bank borrowers also continued to rise, as banks invested in debt securities, primarily issued in the euro area.
Press release
Full document
Statistical annex
International banking and financial market developments:
Overview: inflation outlook unnerves investors
The international banking market
The international debt securities market
Derivatives markets