Traders and investors have stepped up purchases of insurance against a US sovereign debt default, amid heated political wrangling over raising the US debt ceiling.
The gross value of derivatives contracts that pay out in the event of a US default has doubled from year ago levels, according to the Depository Trust and Clearing Corporation, which collects data on global trading of credit default swaps (CDS).
It reached $24bn at the end of last week, up from $22.7bn a week earlier and much higher then the year ago level of slightly less than $12bn.
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