# CDOs: The outlook

## 12. Conclusion

It is clear that credit derivatives have now established themselves as a well-accepted component of the global financial system. Isda calculates that the notional volume of credit derivatives outstanding reached $12.4 trillion in the first half of 2005, climbing to$17.3 trillion by the end of the year. That compares with a growth rate for the total derivatives market in 2005 of 105%, marginally down from the rate of 123% recorded in 2004.

Credit derivatives now account for 7% of the total gl

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