The use of financial derivatives is a recent phenomenon in Pakistan and the first such real derivatives transaction took place in August 2003 which was a Rs. 100.0 million FRA. During the last one and a half years, the derivatives market has grown considerably.
Besides the plain vanilla products as mentioned a minute before, the market is slowly and gradually moving towards more complex and exotic structures. All approvals are reviewed & approved under specific transactional approval process by the Derivatives Approval & Review Team (DART) at SBP. I know that some people would like to see this fast tracked and we have taken steps to do so.