Cleared rate for CDSs dropped in H2 2023

Record five-percentage point decline driven by multi-name contracts

The proportion of credit default swap (CDS) contracts cleared through central counterparties (CCPs) fell by 4.8 percentage points to 65.4% in the last six months of 2023, marking the largest drop since records began in 2010.

Figures from the Bank for International Settlements show notional amounts of cleared CDSs stood at $5.59 trillion at the end of December, down 19.5% since June. Notionals of non-cleared CDSs remained flat at $2.95 trillion over the same period. Consequently, the share of

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