OTC derivatives: innovation at a price

Recent figures from the International Swaps and Derivatives Association (ISDA) highlight yet another phase of expansion in the OTC derivatives market. The notional value of outstanding credit derivatives increased to a record $26,000 billion by the end of the first half of 2006, which represents considerable growth in market size and illustrates how derivatives have become an integral part of today's financial markets.

The growing use of derivatives by the buy side has been a major contributo

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