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Summary
Join us for an insightful webinar where we explore the dynamics of the Credit Default Swap (CDS) market and assess the effectiveness of CDS as a hedging instrument.
We will cover recent credit events in leveraged finance market and how the market has responded. We will also discuss significant changes in market infrastructure, including the establishment of a Governance Committee, modifications to the Standard Reference Obligation (SRO), and the responsibilities of the SRO Administrator.
Additionally, we will provide an update on credit indices, reviewing recent trading volumes and discussing the advantages of CDS indices as a hedging tool for private credit. We will also examine the growth of the swaptions market and how index inclusion can enhance single-name liquidity.
CDS Market Overview
- Effectiveness of CDS as a Hedging Instrument
- Changes in Leveraged Finance and Their Impact on CDS
- Credit Event Case Study: Altice
- Market Infrastructure Changes: Creation of Governance Committee
Determinations Committee Rule Change: Standard Reference Obligation (SRO)
- Utilization of the RED Service to Enhance SRO Adoption/Replenishment
- Role of the SRO Administrator
- Overview of RED Service
- Updates to RED Website to Facilitate SRO Challenges via Client Interactive Portal
Credit Indices update
- H1 2025 volumes review
- CDS indices as hedging tool for private credit
- Trading efficiency advantages of CDS indices
- Index inclusion as driver of single-name CDS liquidity
- Swaptions market growth
Speakers
S&P Global Market Intelligence
Gavan Nolan
Executive Director, Business Development and Research, Fixed Income Pricing
Gavan Nolan, a specialist in credit markets, is an Executive Director responsible for business development and co-heads research for Fixed Income Pricing at S&P Global Market Intelligence.
A published author, Gavan has written about the credit markets from the accounting scandals of the last decade through the financial and European sovereign debt crises. He is a well-known commentator on the credit default swaps (CDS) markets, including credit fundamentals and CDS mechanics, in particular ISDA definitions, credit events and auctions. He has been a frequent contributor to both print and broadcast media, and quoted in Financial Times, Wall Street Journal, Daily Telegraph, Bloomberg, Reuters, Dow Jones, Global Capital, CNBC and BBC's R4 Today programs. Gavan played a key role in developing the Markit CDS pricing product, the leading service in the CDS market. Prior to joining Markit in 2003, now S&P Global, he worked at J.P. Morgan and TD Securities in a variety of fixed-income roles.
Gavan holds a Bachelor of Science in Economics from Queen Mary College, University of London, UK
S&P Global Market Intelligence
Charles Palmer
Director, Fixed Income Product Development
Charles has more than 15 years Fixed Income Derivatives experience. Previously, he worked at Barclays Bank for 12 years where he managed large global teams and was the European head of Credit Operations responsible for Credit Derivative Trade Capture; Balance Sheet Optimisation, Credit Event Management and Credit Derivative Documentation. He was the European lead for the incorporation of Regulatory Change Programme; including Dodd Frank and EMIR implementation, Reporting requirements, D2D and D2C Mandatory Clearing. Charles has been actively involved in numerous ISDA lead functions such as ISO SG2 working group representing ISDA on the UPI initiative and historically in the ISDA CIG and ISDA CSC.
Questions?
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