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What is the maximum value of derivatives that can be traded on the stock of a firm with a combined market value of equity of

What is the maximum value of derivatives that can be traded on the stock of a firm with a combined market value of equity of $1 billion?

  1. 50% of the equity value equal to $500 million
  2. 100% of the equity value of $1 billion
  3. There is no limit

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