The Depository Trust & Clearing Corporation reported the first trade in credit default swaps with Microsoft as the reference name since it began weekly reporting in July, 2010. While volume was minimal at 1 contract for $12,500,000, this was 200 times more than the 2 contracts for $60,000 in the Hellenic Republic.
While amusing, this incident provides insights on why it is nearly impossible to extract high quality credit risk projections from credit default swap trading volume.
Trading volume data is provided by Kamakura Risk Information Services at info@kamakuraco.com.