Single-Name CDS Trading Volumes Question Title * 1. How best could Single-Name CDS Trading volumes be improved? Universal uptake of centralised clearing. Lighten the regulatory capital charges faced by dealers. Improve the clarity of legal documentation/ boost the ease of setting up an ISDA. Reduction of market's reliance on macro trends (Central Banks, Sovereign Risk) - which limits the amount/attractiveness of single name relative value trading. A pick up in idiosyncratic default risk - leading to a pick up in hedging flows and single name trading opportunities. Roll contracts less frequently. Other (please specify) Question Title * 2. Why aren't more single-name transactions centrally cleared? The market is not convinced everyone will follow, so clients are reluctant to make the switch. Margin requirements at clearing houses are more restrictive than for non-centrally cleared trades. There is no real benefit from centralised clearing. Other (please specify) Question Title * 3. Do you think the recent proposals from ISDA to switch CDS rolls from quarterly to semi-annual will materially improve traded volumes ? Yes No Comments Question Title * 4. Any other comments? Done