A new standard
It is almost taken for granted that the credit default swap market is set to grow exponentially over the next few years. But as Oliver Holtaway reports, both buyers and sellers of protection admit that certain developments are needed to make such growth a reality
The credit default swap (CDS) market is undeniably booming: since its inception in 1996 it has blossomed to be worth almost $2 trillion. However market participants say CDSs will not attract the diversity of participation seen in the interest rate and currency derivatives markets until they can match the liquidity and transparency of their more mature cousins. Guided by the mantra ‘simplify, simplify’, the CDS market is responding with a raft of measures to standardise contracts and facilitate
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