Central banks seek more data on credit derivatives

The Bank for International Settlements (BIS) is going to ask dealers in the credit derivatives market to supply more information about their business, including information on who they are dealing with.

The 61 dealing firms that currently report semi-annually to the BIS on their activity in over-the-counter derivatives already reveal their net outstanding positions in OTC interest rate, foreign exchange, equity and commodity derivatives. These positions, say the BIS, totalled just over $197 trillion at the end of 2003.

The December 2004 semi-annual survey by the BIS, scheduled for release in May next year, will in addition cover the fast-growing credit derivatives business, focusing on

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