The credit derivatives market has expanded more than tenfold since its inception in 1993 . Several factors have contributed to the market's growth:
• Increased investor interest in obtaining access to new or less liquid markets;
• The growing sophistication of the credit markets and the resulting search for more favorable relative value transactions versus cash market trades; and
• The desire of corporations and investors to economically hedge longer-term credit exposure.
The market has also benefited from reviews and guidelines provided by the Federal Reserve, the Office of the Comptroller of the Currency (OCC), the Bank of England (BOE) and the National Association of Insurance Commissioners (NAIC). Moreover, 1999 year the International Swap Dealers Association (ISDA) introduced standardized documentation for Credit Derivative contracts.
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