The swaps industry has also pointed out that CDS markets for sovereign debt are very small, compared with government bond markets. For example, the Greek CDS market is only estimated at about 5 per cent of the €300bn ($370bn, £250bn) bond market, which is the one most analysts and investors follow.
of course, that talk about the role of speculators in “euro crisis”, this is the benefit of the poor. but with such a narrow CDS market – these are not hedging instruments, but simply a more convenient form of bond futures. so that the prohibition of these instruments will not lead to anything bad. no good too.