This paper analyzes the credit default swaps (CDS) market from 2019 to the first half of 2024, focusing on trends in single-name CDS and index CDS market activity. Over this period, total CDS market activity reached a high point of $38.7 trillion in 2022, driven primarily by index CDS.
Single-name CDS activity was at its greatest in the first half of 2023, as market participants sought to manage specific credit exposures and protect against anticipated changes in the creditworthiness of individual entities, especially in the banking sector. Although it fell in the first half of 2024, single-name CDS activity remained above 2022 levels, reflecting sustained demand for credit risk protection.
Index CDS trading peaked in 2022 as market participants hedged against broader market instability during a period of heightened uncertainty. As macroeconomic conditions stabilized and central banks moderated their rate hikes, demand for index CDS declined in 2023 and the first half of 2024, but activity remained above 2021 levels.
Click on the attached PDF to read the full report.
Documents (1) for CDS Market Dynamics: Analyzing Trends in Single-name CDS and Index CDS Market Activity
Latest
ISDA Response to CFTC Tokenized Collateral and Stablecoin Initiative
ISDA has responded to the CFTC’s Request for Input on the Tokenized Collateral and Stablecoin Initiative, offering perspectives on how tokenization and GENIUS Act–compliant payment stablecoins might contribute to more efficient and resilient collateral practices in derivatives markets. The letter...
Protected: 2025 Year-End Bonus Election Form
This content is password protected. To view it please enter your password below: Password:
Key IRD Trends from BIS 2025 Survey
This paper highlights changes in over-the-counter (OTC) interest rate derivatives (IRD) markets between April 2022 and April 2025, based on data from the Bank for International Settlements (BIS) Triennial Central Bank Survey. The survey provides a comprehensive view of global...
RMB IRD Growth in Mainland China & Hong Kong
This report analyzes interest rate derivatives (IRD) activity in mainland China and Hong Kong, with a particular focus on renminbi (RMB)-denominated IRD. It examines market growth, structure and integration across onshore and offshore centers, and places these developments within the...