Financials and telecoms replace autos as most active CDS

Credit default swaps referenced to financial services and telecommunications firms were the most active in the global CDS market in January, according to New York-based interdealer broker GFI.

For the first time in more than a year, motor manufacturing was no longer the most active sector in US CDS trading. Instead, financial services dominated, led by California-based Countrywide Home Loans. Clothing retailer Gap and carmakers General Motors and Ford were also on GFI’s most active single-name l

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