Abstract: The subject of this research is the peculiarities of functioning of the credit derivatives market in the Russian Federation and worldwide, as well as their comparative analysis. This will allow determining the place and role of credit derivatives on the market of financial derivatives, its strong and weak sides, as well as trends and potential risks for its future development. Special attention is given to the external environment of the development of credit derivatives market in terms of the national market of financial derivatives. Relevance of this work is defined by the higher level of credit risk in Russia, which in world practice can be reduced by using credit derivatives. Development of the credit derivatives market is one of the key factors for increase in real sector lending, lowering the credit risk level, diversification of credit portfolio of the banks, and increasing financial security of credit and financial institutions. The method of SWOT analysis was applied for determining the strong and weak sides, as well as opportunities and threats influencing the situation in the credit derivatives market of the Russian Federation. The scientific novelty lies in the use of STEP analysis to describe the opportunities and threats that define external environment. In conclusion, the author indicates the social, technological, economic, and political-legislative factors in relation to opportunities and threats to development of the credit derivatives market in Russia. Based on the acquired results, the author maker recommendations of further development of the credit derivatives market in the Russian Federation.

Keywords: SWOT analysis, STEP analysis, banking institutions, securitization, default swap, credit derivatives, derivatives market, hedging, risks, opportunities

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