CDS volumes register first-ever decline - Isda

The notional amount of credit derivatives outstanding decreased by 12% in the first six months of 2008 to $54.6 trillion from $62.2 trillion, according to Isda's mid-year 2008 market survey.

This represents the first time that outstanding CDS volumes have declined in the seven years since Isda has been compiling data on volumes in the credit derivatives market.

Although credit derivatives volumes have risen exponentially over the past decade, much of the recent activity has been driven by unwinds