Special report: CDS

Special report: CDS

It would be an exaggeration to say the credit derivatives market has been in limbo for the past couple of years. But having been vilified by many as one of the primary culprits of the financial crisis – making it a key target for regulatory reform – it is fair to say the industry has been in consolidation mode for some time.

The notional amount of credit default swaps outstanding fell from a peak of $58.2 trillion at the end of 2007 to $32.7 trillion at the end of last year, according to the Ban