Credit default swaps (CDS) are an important hedging tool for lenders and investors. ISDA’s latest review of the single-name CDS market reveals some interesting dynamics about trading activity over the past five years.
While single-name CDS market liquidity overall continues to decline, and all but a handful of reference entities are illiquid, market activity over the past five years has increased during certain periods as credit conditions tightened and the risk of defaults rose. At the same time, transparency has further improved and clearing of single names has increased.
Documents (1) for Single-name CDS Market Update
Latest
Strengthening DC Governance
The Credit Derivatives Determinations Committees (DCs) play a vital role. Without a single, industry-wide determination on whether a credit event has occurred, it simply wouldn’t be possible to clear credit default swaps (CDS), making the market less safe and less...
ISDA CSA Significant Errors Notification SOP
The ISDA CSA Notification of Significant Error or Omissions Suggested Operational Practices (SOP) considers current institutional processes and outlines suggested operational practices related to the new requirement under §26.3(2) of the Canadian Trade Repositories and Derivatives Data Reporting rules rewrite...
ISDA Paper on UPI Identifiers
On July 16, ISDA submitted a paper (UPI as the Foundation for OTC Derivatives Reporting: The Case for UPI) to the UK Financial Conduct Authority (FCA). The paper was developed to complement ISDA’s response to the FCA’s discussion paper DP24/2:...
IRD Trading Activity First Quarter of 2025
This report analyzes interest rate derivatives (IRD) trading activity reported in Europe. The analysis is based on transactions publicly reported by 30 European approved publication arrangements (APAs) and trading venues (TVs). Key highlights for the first quarter of 2025 include:...