Debt Trading Recovers Trading in emerging market debt, which is dominated by Latin American issues, picked up sharply last year, growing 30% to almost $2.85 trillion in face value from $2.19 trillion in 1999. Even so, turnover has never recovered from the effects of the 1998 Russian default, the last major emerging market crisis. Brazilian debt remained the most frequently traded of all emerging market debt assets, but its share of total trading volume slipped to 27% or $769 billion in 2000 from 37% in 1999. Turnover in Mexican debt more than doubled last year to $661.7 billion, while activity in Argentine debt increased 15% to $365.8 billion. Trading in Ecuadorian debt, which

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