The credit derivatives (CD) market is the fastest growing of all credit markets. Having expanded more than six-fold since 1998, the global CD market has grown faster than either the corporate bond or loan markets, and has the potential to become the largest corporate credit market.Yet it remains significantly smaller than the other two markets and also smaller than many recent surveys indicate. It is also a market in transformation, where new participants are entering and the needs of the existing users are changing. Here, we will explore its growth and the trends that will drive it forward in the next few years.