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Federal Reserve Board of Governors

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Figure 1. Growth in CDO and CDS Markets, 2000-11

Trillions of U.S. dollars

Year Outstanding CDO volume Outstanding CDS volume
2000 0.228 ND
2001 0.314 ND
2002 0.359 ND
2003 0.421 ND
2004 0.540 6.396
2005 0.704 13.908
2006 1.072 28.650
2007 1.359 58.244
2008 1.359 41.883
2009 1.248 32.693
2010 1.093 29.898
2011 0.947 28.633

Note: CDO is collateralized debt obligation; CDS is credit default swap. CDS data start in 2004.

Source: For CDO, Securities Industry and Financial Markets Association; for CDS, Bank for International Settlements.

ND No data.

Figure 2. Complete and Incomplete Networks

See the section "The Economics of Interconnectedness and Systemic Risk" for a detailed description.

Figure 3. Bilateral and Centrally Cleared Networks

See the section "Managing Tradeoffs between Reducing Systemic Risk and Increasing Costs: OTC Derivatives Market Reforms" for a detailed description.

Figure 4. A Network in the Credit Default Swap Market

See the section "Managing Tradeoffs between Reducing Systemic Risk and Increasing Costs: OTC Derivatives Market Reforms" for a detailed description.

Last update: August 2, 2013