ISDA is expanding its SwapsInfo dataset to include European credit derivatives trading activity, complementing existing research on credit default swaps (CDS) trading in the US. This addition provides a more comprehensive view of global market trends, offering valuable insights into trading activity across key jurisdictions.
Analysis from the second half of 2021 to the end of 2024 shows that the UK dominated European CDS trading, accounting for 70%-80% of total traded notional, including both index and single-name CDS, while the EU represented 20%-30%. On a global scale, about 30% of CDS trading was reported in the UK, 10% was reported in the EU and 50%-60% was reported in the US. European single-name CDS activity was concentrated in the UK, which accounted for over 96% of total traded notional. The share reported in the EU ranged between 0.5% and 4.0%. Globally, trading in single-name CDS was evenly split between the US and UK, with the EU representing less than 3%.
The analysis is based on transactions publicly reported by 18 European approved publication arrangements (APAs) and trading venues (TVs).
Click on the attached PDF to read the full report.
Documents (1) for Credit Derivatives Trading Activity Reported in EU, UK and US Markets
Latest
Expanding Legal Agreement Coverage in the CDM
This paper examines the recent extension of the Common Domain Model (CDM)1 to represent two of the most significant, and previously undeveloped, areas of its legal agreement model: umbrella agreements and contract amendments. Umbrella agreements are widely used to document...
ISDA Omnibus Canadian Representation Letter
On September 2, ISDA published the Omnibus Canadian Representation Letter, which combines previously published representation letters drafted to assist firms in compliance with Canadian trade reporting, business conduct, regulatory margin and clearing classification rules. The Omnibus Canadian Letter is designed...
Joint Response on Cross-margining
On August 31, ISDA and FIA submitted a letter to the US Commodity Futures and Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) on the agencies’ joint request for comment on the implementation of portfolio margining and cross-margining...
Accounting for Carbon Credits: Latest Developments
This paper updates and extends the analysis set out in ISDA’s October 2023 paper on accounting for carbon credits. While preserving the original focus on the accounting treatment of voluntary carbon credits (VCCs) and compliance carbon credits (CCCs), it expands...