Emerging market credit default swaps trading volume was nearly unchanged in the third quarter of 2015 versus the same period a year ago, according to survey results released on Monday.
EMTA, the emerging markets debt trading and investment industry trade association, said volume reached $376 billion in the three months ended September 30 versus $377 billion in third quarter of 2014. Volumes, EMTA said in a short statement, have remained around the $380 billion mark per quarter for the last year, except for the second quarter when one firm did not give results and the volume of reported transactions dropped to $275 billion.
The number of major firms reporting volumes was back to 13 in the third quarter versus 12 in the second quarter of this year.
Brazil CDS were the most traded in the quarter at $65 billion, followed by $46 billion for Turkey and $35 billion for Russia. Nine corporate CDS contracts in emerging markets are traded. The top three volumes traded were Mexican state-owned oil company Pemex at $4 billion, followed by $2.6 billion for Russian state-owned energy company Gazprom, and $2.4 billion for Brazilian state-owned oil company Petrobras.
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