The Bank of England’s discussion paper released in November on the supervision of credit derivatives rather dampened market enthusiasm reflected in a report by the British Bankers’ Association (BBA). But the effect should be only temporary.
The BBA talked of a $100 billion credit derivatives market in London by 2000. The credit default derivative was born in New York in 1992, but today even American institutions based in London admit that of the two markets London has the edge.
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