In its latest report on OTC derivatives market activity, the Bank for International Settlements says that notional amounts of FX derivatives increased by 12% to $63 trillion in the first six months of 2008. Gross market values rose by 25% to $2.3 trillion. The expansion was fastest in options and currency swaps. BIS reported that outrights, which account for roughly half of total OTC FX derivatives when measured in terms of notional amounts, grew less quickly.