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The major exposures in equity trading are in the form of options used for hedging the portfolio against market fluctuations. In managing in- terest rate risk long-term interest income is primarily controlled by the use of interest rate caps. 

## Notional principal amounts and market values of open derivative positions as of December 31 *) 

Banking and Asset Management Segments 

In addition, exchange rate fluctuations are hedged by syntheti- cally transforming financial assets and liabilities in foreign currencies into euro -denominated financial instruments through foreign ex- change deals and currency swaps. 

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