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Fitch Ratings has published its fifth annual credit derivatives survey indicating that the expansion of the credit derivatives market shows no signs of slowing, despite concerns as to how the market can deal with any downturn.

Key findings are:

  • The credit derivatives (CDX) market continues to expand, reaching nearly USD 50 trn at the end of 2006, up 113% on the previous year.
  • Traded indices in 2006 surpassed single-name credit default swaps (CDS) in volume for the first time.
  • Overall, survey respondents expect the CDX market to continue to expand, buoyed by CDOs, LCDS (loan-only credit default swaps) and traded indices
  • A number of market participants expressed concern for how smoothly the market can deal with any downturn
  • Banks globally have become more conservative in their credit exposure with USD 304 bn of net protection bought at end-2006 compared with USD 289bn at end-2005

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