How has the CDS business performed during the recent turmoil?

The CDS business has functioned well during the financial crisis. The CDS market remained open and CDS activity remained robust during a period when many parts of the credit markets shut down. In this environment, CDS were often the only credit product consistently available to allow firms to transfer risk.

In today’s financial markets, it is clear that CDS serve a valuable price signaling function – a function that enables market participants and others to access better and timelier information about prices and risk. Finally, over the past year there have been over 40 credit events in the CDS market. All were managed in an orderly fashion with no major disruptions.

This demonstrates the value of ISDA’s and its members’ work over the past 25 years in building a strong and robust operational infrastructure for the industry. More.

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