Europe sees low trading volumes in credit derivatives following US holiday
Trading volumes in the European credit default swap market have dissipated towards the end of the week, following yesterday’s holiday in the US. Spreads remain tight with muted reaction to negative news on particular credits, including Munich Re’s poor results, according to traders.
The world’s largest reinsurer reported a third-quarter loss of €859 million yesterday, citing the falling value of its stock holdings and the cost of summer floods in Europe. “The news was disappointing, but there was limited impact in
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