SEC Memo from the Division of Risk, Strategy, and Financial Innovation

On March 15, 2012, the SEC released a memorandum regarding their analysis of single-name credit default swap transaction and position activity. The first analysis is based on a sample of all new, risk transfer, dollar-adjusted, gold record transactions in both corporate and sovereign single-name credit default swaps (CDS) submitted to the Depository Trust and Clearing Corporation’s Trade Information Warehouse (DTCC-TIW) between January 1, 2011 and December 31, 2011. The second analysis is based on monthly position data in single-name CDS over the same sample period and provided by DTCC-TIW.