Moreover, according to the Securities Industry and Financial Markets Association, the issuance of collateralised debt obligations almost tripled between 2004 and 2006, amounting to $ billion in 2006. The rapid development and the share of this market segment is a very important feature of today’s global finance, and I would like to share with you some reflections on the developments of credit derivatives.
My objective is twofold: first, I would like to emphasise the importance of central banks’ monitoring of developments in credit derivatives in terms of three interlinked perspectives: 1.  the conduct of monetary policy,  2.  financial stability and  3.  market standards.