A new standard

Credit default swaps

The credit default swap (CDS) market is undeniably booming: since its inception in 1996 it has blossomed to be worth almost $2 trillion. However market participants say CDSs will not attract the diversity of participation seen in the interest rate and currency derivatives markets until they can match the liquidity and transparency of their more mature cousins. Guided by the mantra ‘simplify, simplify’, the CDS market is responding with a raft of measures to standardise contracts and facilitate t

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