Uncleared, unrated CDS notionals boomed in H1 2022

Non-cleared trades up 21% in six months and 14% in twelve, BIS data shows

Uncleared, unrated over-the-counter credit default swaps (CDSs) boomed during 2022’s turbulent first half, with notional value returning to levels unseen in four years, data from the Bank for International Settlements (BIS) shows.

Some $754.4 billion of CDS notional as of end-June referenced debt with no credit rating and was not routed through central counterparties (CCPs), up 21% in six months and 14% in 12, and the most since the first half of 2018.

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In contrast, notionals for the

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