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Exchange-Traded Solvency Derivatives

By Todd L. Padnos and Brett J. Kitel

In the last ten years, the credit derivatives market has grown from its infancy to approximately $26 trillion of notional value according to the International Swaps and Derivatives Association, Inc. ('ISDA'). The most highly utilized type of credit derivative, the credit default swap, is used by investors to bet on a company's creditworthiness or hedge a position in a fashion that protects against the company's failure to make a payment or satisfy other terms.

To date, credit default swaps have been issued only in private transactions and traded solely in the over-the-counter market ('OTC') by large, sophisticated investors. Thus, while the proliferation of credit default swaps has had an impact upon distressed companies, the lack of a standardized, exchange-traded credit default swap has limited the scope and magnitude of this impact.

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