According to a survey conducted by the British Banker's Association (BBA), the global derivatives market grew by $1.189 trillion this year, and the growth rate for the market is predicted to almost double, hitting up to $4.8 trillion by 2004. The market's evolution lays down a staggering pace, illustrating the increased application of credit derivative technology to European market transactions.
The volume of credit derivatives is globally immense. However, it is difficult to derive exact figures, as a large component of the market is private. The number of active counterparties in Europe, at about 30 to 40, is far higher than in the U.S. The BBA survey shows that over half of the market volume is originated in London, which, by the end of the year, is expected to reach an estimated $1.036 trillion.