US CDS clearing drops to 11-month low in August
Retreat from CCPs tied to jump in uncleared contracts for peripheral geographies
The share of US credit default swaps (CDSs) cleared through central counterparties (CCPs) dropped to the lowest level in almost a year in August, with the retreat spanning all geographies outside of Asia.
Out of $11.38 trillion in CDS notional outstanding as of August 15, $6.93 trillion was centrally cleared – a rate of 60.9%, the lowest since September of last year. The dip reflected a
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