The credit derivatives market will expand and reach $33 trillion (€25.9bn) in size by the end of 2008 according to a new report published by the British Bankers' Association on Thursday, and London remain a world centre for trade.

The BBA study concluded that London will suffer a sliding market share as a result of growing involvement in the market from continental European players, but that it would also remain one of the world's dominant centres for credit derivatives products.