A maturing market

credit derivatives

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Over the past several years, the credit derivatives market has witnessed an unbridled level of growth. According to the latest data supplied by the Bank for International Settlements, the size of the market for credit derivatives notionals grew to $4.5 trillion in the first half of 2004, more than a sixfold increase on the same period in 2001. Much of this growth can be attributed to innovation, which has greatly expanded the scope of the credit default swap (CDS) market and allowed a more diver

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