Barclays Capital has become a top-three dealer of credit default swaps for the first time since records began, capitalising on its strength as a trade counterparty to gain market share in the wake of the collapse of Lehman Brothers last year.

Fitch Ratings, the credit ratings agency, ranked Barclays Capital as the third biggest dealer of these derivative instruments, after carrying out a survey of 26 banks active as CDS counterparties.