Driving local markets
Market participants are predicting the development of a robust local-currency credit default swap (CDS) market in Asia following the first public won-denominated CDS trade in Korea late last year. But have the underlying issues really been resolved? By Alice Hales
Large dealers are getting increasingly bullish about the likely development of a local-currency credit default swap (CDS) market in several Asian countries, including Korea, Malaysia and Taiwan. The current mood is a far cry from that in 2003, when most big dealers felt that illiquid secondary bond markets, the absence of clear regulations and limited participation by foreign investors would
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