Volumes in the listed and over-the-counter US derivatives markets grew by more than 50% in the four years to the end of March, according to the latest research from US consultancy Celent, belying fears that uncertainty over tighter regulation of the markets would lead to a slump in trading.

Despite a decline in the first quarter of 2012 amid global retrenchment from both banks and clients, the total amount of derivatives traded by the 25 largest US banks actually grew to $300 trillion as measured by notional outstanding amounts as of the end of the first quarter. That compares to less than $200 trillion in the first quarter of 2008.