There is a need to re-visit the issues hindering  BIS central bankers’ speeches  7  development of the CDS market, such as, non-availability of netting benefit of marked to market (MTM) leading to higher capital charges for the market players, dominance of high rated bonds not warranting any need for credit risk protection, procedural issues for some of the foreign banks being reluctant to execute Credit Support Annexes (CSA), large players like insurance companies not being able to sell protection, etc.
Lessons are there if you look in the right places and be prepared to accept them. Benchmarking is a powerful tool to use. There are lessons abound from our Asian neighbours. I am pleased that we have several international speakers with us today and we look forward to the lessons that they will leave with us.