Hey, good news in all the credit troubles out there: The credit derivatives business boomed in 2007. According to ISDA figures released tonight, the notional value of credit default swaps was $62.2-trillion at the end of last year, up smartly from $34.-trillion at the end of 2006.
So what? Well, that works out to a 10x increase in a mere four years. To put it in terms more familiar to shell-shocked credit market participants, Holy shit!