Emerging markets credit derivatives are attracting tremendous interest, according to Dennis Rodrigues, emerging markets product manager at MarketAxess. “The latest market intelligence we have is that emerging markets CDS index and single-name CDS trading volumes are at about the same level as cash,” he says.
Daily emerging markets trading volumes in the cash market are between $3 billion and $4 billion including both dealer-to-dealer and client-to-dealer business. Volumes in emerging markets CDS trading “have increased significantly over the past few months,” says Rodrigues, to reach a similar level.
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