(FORTUNE Magazine) – Lists of the largest dealers in swaps or other species of derivatives are common. But to FORTUNE's knowledge, this is the first that totals all the derivatives contracts of each dealer and presents a worldwide ranking by ''notional'' values (that is, principal amount). Even so, the list may not be comprehensive: German banks and most Japanese banks (other than Mitsubishi, No. 8) disclose no data about derivatives. Nor could we get up-to-date information in all cases, which is why the reporting date for each dealer is noted. Banks are much bigger forces in this business than securities firms. ; Chemical, not usually thought of as a derivatives powerhouse, heads the list partly because it is a leader in short-term contracts done with other banks. Bankers Trust and J.P. Morgan have the big reputations overall in this business, and Citicorp is known for currency contracts. Among international dealers, the Swiss banks and the French -- Credit Lyonnais, Indosuez, Societe Generale, and Paribas -- are particularly prominent. The biggest securities firm on our list is Salomon, which ranks 12th. The worldwide total of derivative contracts is estimated to be about $16 trillion. But the figures in this list exceed that amount because of double counting. If Chemical enters into a contract with Bankers Trust, the contract's notional amount shows up in the total of each bank. But when industry figures are compiled by trade associations and regulators, this double counting is eliminated because the data assemblers have access to the information needed to do that.

CHART: NOT AVAILABLE CREDIT: FORTUNE TABLE CAPTION: DEALER NOTIONAL VALUE