BIS survey brings mixed message

The credit default swap (CDS) market grew strongly in the second half of last year, but the rate of growth of equity derivatives shrunk for the first time since 2004, according to figures released in May by the Bank for International Settlements (BIS).

The BIS's latest survey of the over-the-counter derivatives market found that outstanding OTC derivatives totalled $596 trillion notional at the end of the year, up 15% from the total six months earlier. As credit conditions worsened, CDS volumes