Growing fears that Washington could miss a payment on its debt have led to a surge in activity in the once-sleepy market for derivatives which insure against a US default.
Average daily trading of credit default swaps, which give investors protection on US government debt, has jumped to €150m in the past week from about €1.6m in recent months, according to the trading desks of two major European banks.
With the government shutdown now in its second week and no sign of a deal before October 17 – the day the US Treasury has said it will run out of funds to meet its debt obligations – the surge in CDS trading is the latest evidence that stress is creeping into markets.
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