ICAP, the UK interdealer broker, said on November 17 that it expects its "electronic broking business will be a substantial beneficiary of a shift to increased clearing of standardised contracts" in derivatives markets. The firm anticipates a period of "significantly accelerated growth" in credit default swap and interest rate swap volumes.

IntercontinentalExchange launched clearing for U.S. CDS index contracts in March and for European index contracts in July. The exchange and clearing house operator said on November 3 that it had cleared over $3.5 trillion in notional value by the end of October.

The Basel-based Bank for International Settlements said on November 12 that the notional volume of outstanding CDS contracts fell 14 percent in the first half of 2009 to $36 trillion. That followed a 27 percent decline in the second half of 2008.

Some 80 percent by volume of derivative contracts are currently executed by means of bilateral agreements between counterparties – known as the "over-the-counter" market. The rest are traded on exchanges.

8 Sep 2009 -

New regime

8 Jun 2009 -

Fading nightmare

12 May 2009 -

Scapegoat-herd

25 Sep 2008 -

Cutting the ties that bind