Mr Clementi highlights the rapid change in the instruments and markets used for the transfer of credit risk and in particular credit derivatives. A survey by the British Bankers' Association in July 2000 found that outstanding notional principal of all credit derivatives had increased more than three times since 1997 to around $600 billion. However, this is small relative to the overall size of the OTC interest rate derivatives market (according to BIS data, around $64 trillion).
Published on
09 March 2001
Press release