Tipping point?

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Australia’s credit derivatives market has proven relatively buoyant throughout the financial crisis. Credit default swaps (CDSs) were still liquid during the worst of the market turmoil in 2008 and early 2009, which decimated CDS volumes in other parts of the region. According to statistics published by the Australian Financial Markets Association (Afma), Australian CDS volumes grew by 30% between 2008 and 2009, reaching A$332 billion ($310 billion) at the end of last year. Indeed, credit deriva

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