Regulatory go-slow on CDS rules in China holds up market development

CDS, China-style


The onshore credit default swap (CDS) market in China started life with much fanfare in November 2010. Commercial banks, and smaller Chinese credit unions, anticipated significant benefits from a new mechanism to hedge their risk. Nearly a year and a half later, however, and according to market participants, liquidity is non-existent and the market is effectively at a standstill.

When Shi Wenchao, secretary-general of self-regulatory trade body, the National Association of Financial Market Instit

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