Reversal of fortune

market graphic


This month’s chart, provided by Robert McAdie, global credit strategist at Barclays Capital in London, shows monthly trading volumes in the cash bond market versus the market for single-name credit default swaps and credit derivative indices. The chart shows that while liquidity in cash instruments has all but dried up, the credit derivatives market has seen a dramatic increase in activity. McAdie says, “There has been a total sea-change from the use of cash bonds as an instrument to source risk

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