This edition of ISDA Research Notes analyzes the data on the CDS market and provides insights on recent levels of activity. A good way to understand CDS market dynamics is by looking at trading activity in the market, as opposed to transactions outstanding at a point in time. The DTCC measures market risk transaction activity which refers to the volume of trading (using both transaction counts and notional amounts traded) related to new transactions that affect market risk. It provides a view into current levels of new market activity and enables comparisons of such activity between periods.