Abstract
The Chicago Mercantile Exchange funded a study by Block, Gallagher, and Rzepcynski to follow an earlier survey by Block and Gallagher [1]. We have found that the use of interest rate futures and derivatives by Fortune 500 companies has not increased but has actually decreased slightly from 19.2% to 16.5%. The primary reason for the leveling off is related to a less volatile interest rate environment. The average annual change in 90day commercial paper rates has declined from 2.31% in 1978-1985 to 0.76% in 1986-1989.
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