Brazil leads EM CDS trading despite Russian jump

Brazil leads EM CDS trading despite Russian jump

Trading in emerging market credit default swaps increased 93% year on year in the first quarter, driven by a tripling of trading in Russian CDS and the inclusion of Chinese instruments, according to data from EMTA. Still, CDS on Brazil remained the most liquid instrument, with $72bn trading in the quarter. Russian CDS trading stood at $70bn. Some $409bn of EM CDS was traded in the first quarter, up from $212bn a year earlier and $276bn in the fourth quarter of 2013, according to EMTA’s survey of

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