Brazil CDS Volume Leads EM: EMTA

Brazilian CDS instruments experienced the highest trading volumes of all EM CDS in 2Q 2012, with $35bn changing hands, according to a report from EMTA. In the corporate space, Pemex CDS came in second in EM, with $2bn volume, behind Russia’s Gazprom ($6bn). Overall, EM CDS trading saw $218bn in 2Q 2012, down 9% from the $240bn volume in 2Q 2011.