Financial services dominate CDS market, says GFI market update

Financial services were the busiest sectors of the credit default swap market in May in both the US and Asia, according to a report from US interdealer broker GFI.

In the US, trading in the financial services sector was led by SLM Corp, GMAC and GMAC Residential Capital. In Asia, the sector dominated the CDS market for the 13th straight month, and was led by Aiful in May.

In second spot in the US came the auto manufacturing sector, led by General Motors. In Asia, the wireless telecom sector re-entered the most active category, led by Softbank and Telstra.

In Europe, telecom dominated for the eighth month in a row, led by KPN. The publishing and food retail sectors rounded out the list, led by Reuters and Carrefour SA respectively, while Valeo and Hanson joined the most active single names.

Turkey, Venezuela, Brazil, Ukraine and Russia were the most active sovereigns.

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