CDS market soars but equities shrink in late 2007

The BIS' latest survey of the over-the-counter derivatives market found that outstanding OTC derivatives now totalled $596 trillion notional at the end of the year, up 15% from the figure six months earlier. As credit conditions worsened, CDS volumes grew particularly strongly, rising 36% to $58 trillion notional outstanding - though this still represented a slowdown from the 49% growth recorded in the first half of the year.

Widening CDS spreads drove up gross market value 178% to $2 trillio

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