The over-the-counter derivatives market grew about 18% in the first six months of 2011, reaching a record $708 trillion, according to the Bank for International Settlements. The market's previous record was $673 trillion, reached in mid-2008. In the wake of the financial crisis, the OTC market shrank. The credit default swaps market expanded 8%, to $32.4 trillion, in the first half of the year.

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