CDS research from FRBNY


Last week the Federal Reserve Bank of New York published some detailed research on traded volumes of CDS in May-Sep 2010. Some analysis I saw in the WSJ reinforced our earlier views that the traded volume is *extremely* thin & therefore the rationale of a forced multi-dealer trading facility, i.e., SEF, is tenuous at best.

Further analysis by the FT Alphaville team is here. Have a look – you may be surprised!

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