EM CDS Volumes Increases in 2011

Trading in EM CDS rose to $306bn in Q1 2011, up from $208bn in Q4 2010, representing a 47% increase, according to EMTA. However, this was a 23% decrease from Q1 2010, when EM CDS volume was $397bn, says EMTA. The most frequently traded sovereign contract was the Brazilian CDS, at $48bn. Turkish government CDS trading totaled $36bn, while Mexican sovereign CDS contracts came to $32bn. The most frequently traded corporate CDS contracts were those for Gazprom ($8n). Pemex’s CDS volume was $2bn, while Petrobras’ CDS trades were for $1bn.