In 2000 ASEAN along with China, Japan and South Korea launched a multilateral arrangement of currency swaps, the Chiang Mai Initiative.

ECONOMIST: Regional economic integration has a long, long way to go

The Stoxx 600 banks index was up 0.5%, despite a report that the Bank of China has suspended currency swaps with European banks that had troubling euro exposure.

FORBES: European Stocks Stride Past Italy Downgrade, Show Gains

Many EU and German officials accuse Goldman of doing a similar pump and dump trade with Greece and other PIIGS. They argue that Goldman and Lehman sold their currency swaps and Repo 105 strategy to help Greece cheat to enter the Euro, disguising debt as sales.

FORBES: It's Getting Harder To Defend Goldman Sachs

Like swaps on interest rates and foreign currency, credit swaps outstanding dwarf the underlying bonds in circulation.

FORBES: Magazine Article

Chicago Mercantile Exchange -- The Chicago Merc should have a bang-up year with its large store of capital, and huge growth potential in currency exchange and swaps.

FORBES: Magazine Article

Certainly, the volume of currency derivatives (such as forwards, options and swaps) has risen sharply over the past year.

ECONOMIST: Currency hedging

Many of London's currency dealers have retooled themselves to trade more sophisticated products, such as interest-rate swaps and forward rate agreements.

ECONOMIST: Derivatives and foreign exchange