IOSCO has published a report which seeks to inform the ongoing regulatory debate on CDS and highlight some of the key policy issues involving these financial swap agreements. IOSCO’s report addresses the issues mentioned in the Cannes declaration and discusses the recent changes and current trends in the CDS markets. It also provides information from recent literature about the trading, pricing and clearing of CDS, while covering the following areas: basic functioning of CDS contracts and market size; features of the CDS market; contract standards; and market structure.