Outstanding CDSs decline

Multilateral terminations of outstanding contracts resulted in the first ever decline in the volume of outstanding credit default swaps (CDS) since December 2004, reports Bank for International Settlements.

The latest CDS statistics report notes that the 1% fall is in sharp contrast to the last three years when the average growth rate for outstanding CDS contracts has been 45%.

However, the report also finds that markets for interest rate and foreign exchange derivatives both recorded significant

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