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How Might Increased Transparency Affect the CDS Market?

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Abstract

The credit default swap (CDS) market has grown rapidly since the asset class was developed in the 1990s. In recent years, and especially since the onset of the financial crisis, policymakers both in the United States and abroad have begun to strengthen regulations governing derivatives trading, with a particular focus on the decentralized and opaque nature of current trading arrangements. For example, the Dodd-Frank Act will require U.S.-based market participants to publicly report details of their CDS trades. In this post, we discuss the possible impact of increased transparency in the CDS market, based on our recent analysis of new and detailed data on the trading activity of major dealers. (See also new video coverage of our findings.)

Suggested Citation

  • Kathryn Chen & Michael J. Fleming & John Jackson & Ada Li & Asani Sarkar, 2011. "How Might Increased Transparency Affect the CDS Market?," Liberty Street Economics 20111123, Federal Reserve Bank of New York.
    • Handle: RePEc:fip:fednls:86777
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    More about this item

    Keywords

    Dodd Frank Act; Transparency; CDS market; Transactions;
    All these keywords.

    JEL classification:

    • G1 - Financial Economics - - General Financial Markets

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