The Bank for International Settlements (BIS) has broken down its semiannual credit derivatives data to reveal volumes in credit default swaps (CDS) for the first time. At the end of 2004 notional amounts of CDS outstanding were $6.3 trillion, making up three-quarters of all credit derivatives volume ($8.4 trillion), as quantified by the International Swaps and Derivatives Association.
Nearly half the CDS total, $2.7 trillion, represents bank-to-bank dealing. In terms of maturity of the
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