The resilience of the credit derivatives market, which is expected to double this year and quadruple in size by the end of 2004, has been confirmed in two recent surveys.

According to the latest figures from the International Swaps and Derivatives Association (Isda), notional principal outstanding amounts for interest rate swaps and options and currency swaps stood at $79.1 trillion (€81.5 trillion) at the end of the first half, compared with $57.3 trillion at mid-year 2001, and $69.2 trillion at the end of 2001. The numbers represented a 14% increase since the start of the year, and a year-on-year increase of 38%.