Just prior to the credit crisis, the volume of credit derivatives shot up 32% during the first half of this year, according to a report released this week by the International Swaps and Derivatives Association. The notional amount outstanding of credit derivatives grew by 32% in the first six months of this year to $45 trillion from $34 trillion, according to ISDA's mid-year survey of privately negotiated derivatives. (The group received responses from 88 firms, including all major dealers.) The annual growth rate for credit derivatives was 75%, from $26 trillion at mid-year 2006. For this survey, credit derivatives were defined as credit default swaps referencing single names, indexes, baskets, and portfolios.The survey also found that interest rate derivatives, including interest rate swaps and options and cross-currency swaps, grew by 21 percent to $347 trillion from $285 trillion, whereas this category experienced 14 percent growth during the second half of 2006. The annual growth rate for interest rate derivatives is 38% from $250 trillion in mid-2006. The notional amount outstanding of equity derivatives -- equity swaps, options, and forwards -- grew by 39% from $7 trillion to $10 trillion. This compares with 13 percent growth during the second half of 2006. The annual growth rate for equity derivatives to mid-2007 is 57 percent from $6.38 trillion at mid-year 2006.