The astonishing growth of the global credit derivatives market, which totalled $34.5 trillion in notional outstanding in 2006, according to the International Swaps and Derivatives Association, has long fuelled hope among locals that South Africa might develop a fully liquid credit derivatives market of its own. Such speculation has, so far, remained just that.

But now it seems the Basel II revised international capital framework, due to be fully implemented in the country by January 2008, is one

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