The top 10 most widely referenced entities within the burgeoning U.S. credit default swap market accounted for 43% of all trades last year, excluding the indices. This is compared with only 27% in 2004, according to Fitch Ratings.

The rating agency attributes the leap in name concentration to the appeal of the volatile auto industry last year; names within that sector made up six out of the top 10 most referenced names. On the other hand, industry concentration within the U.S. synthetic CDO market was substantially lower than the broader CDS market, and the automobile sector was not a favorite among managers.

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