Industry Projection

Executive Summary

The Credit Default Swap market has been a topic of great debate and discussion since before the inception of the financial crisis.  We’ve moved from a confirmation backlog focus to a central counterparty clearing and the

possibility of moving these products to an exchange.  Messages from banks, regulators and the press are mixed, and  misconceptions abound.  This report will clear up the misconceptions,  discuss how and where this market will grow, the current state of all major central clearing initiatives and things to watch in the coming years as the CDS market matures.

Table of Exhibits

Exhibits Number    Description

1.        CDS Market Size through 2011

2.        CDS Holdings by Institution Type

3.        CDS Confirmation backlog levels

4.        Total Notional Value of CDS Novations

5.        CDS Central Counterparty Solution Comparison

6.        Potential Global  CDS Market Revenue for Central Clearing, Electronic Trading and Trade Migration

7.        CDS Holdings by Underlying

8.