Board of Governors of the Federal Reserve System

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.