Trading on the world’s derivative exchanges slumped to the lowest levels in more than two years in the fourth quarter, as successful central bank intervention helped stabilise global markets, reducing investors' need to hedge risks.

The value of derivatives traded fell by 25% in the three months to December, to $408 trillion (€322 trillion) from $543 trillion in the previous quarter, according to the Bank for International Settlements, an organisation that represents the world's central banks.