GFI: Motoring, telecom and financials are most active CDS

The motor industry, fixed-line communications and financial services were all heavily traded in the credit default swaps (CDS) market in November, according to New York-based interdealer broker GFI.

In the US, Michigan-based carmakers General Motors and Ford were GFI’s most actively traded CDS names along with GMAC, General Motors’ financial services arm. Nevada casino operator Harrah’s and Fort Worth, Texas-based electronics retailer RadioShack were on GFI’s most-active US list for the second month in a row.

In Europe, Telecom Italia was GFI’s most actively traded CDS for the second month running. British Telecom, Madrid-based Telefónica and Dutch telecommunications firm KPN joined it on the most-active list. Meanwhile, London-based broadcasting firm ITV contributed to the television industry’s position as one of Europe’s most active sectors.

In Asia, financial services dominated CDS trading for the seventh month in a row, led by Kyoto-based Aiful, and by Tokyo-based Takefuji and Orix. Tokyo-based Toshiba also pushed consumer electronics into the most-active column, and Nissan Motors rounded out GFI’s most-active list.

According to the brokerage, November’s most actively traded sovereign CDS contracts were referenced to the governments of Turkey, Brazil, Ukraine, Venezuela and Argentina.

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