As CDS traders are aware, two months ago, or about the same time Chris Cox wanted to turn everyone that had even the remotest connection to trading CDS into soap, the DTCC started disclosing everything it knows (not all that much) about the CDS market on a weekly basis. At Zero Hedge, we are starting a weekly column that looks at the net additions and reductions, and ergo, net change in the CDS market, from both a notional and contractual point of view, based on DTCC data. The summary for this week: there has been net rerisking to the tune of $78 billion in notional, or 3,730 contracts. The most active sectors were industrials and tech/telecom, with $66 and $55 billion of notional reductions, respectively, while financials and consumer goods saw a net increase in notional outstanding of $12.2 billion and $11 billion, each.
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