CDS Trading Hours

What are the CDS Trading Hours and also give me its some more details:

[Pathak]

Following are CDS Trading Hours details:

Weekday:
6:30pm - 7:30pm ET (11:30pm - 12:30am UK LOCAL TIME)
Weekend

Fri 6:30pm - Sun 5:00pm ET (Fri 11:30pm - Sun 10:00pm UK LOCAL TIME)

Open 24 hours (excluding maintenance window)


Credit Default Swaps (CDS) are arguably one of the most successful financial innovations of the last decade. It is a well-established fact that they provide a more up-to-date picture of creditworthiness than corporate bonds (Blanco, Brennan, and Marsh (2005)) or credit ratings ( Hull, Predescu, White (2005)). Also they facilitate taking relatively large long and short positions in the credit markets, improving its efficiency. As a result, it is tempting to go one step further and treat CDS premia as a pure measure of credit risk, by-andlarge free of the influence of market microstructure phenomena that bedevil the life of any investigator dealing with the corporate bond markets. In this paper we take a microscopic view of the CDS market using high-frequency data from GFI, a major CDS inter-dealer broker (IDB) and try to check whether the latter view is warranted.

For more information feel free to download attached pdf file.