Few financial sectors have been galvanised into action as rapidly as the OTC global credit default swap market. This time last year, few financial regulators – let alone global policy-makers – had heard of or encountered a credit default swap. But with the collapse of Lehman Brothers in September 2008 and the near fatal demise of American International Group some days later, the market was propelled into the global regulatory and political limelight. In recent weeks, the industry made some tangible progress, but as FT Mandate's Business Excellence Series debate highlighted, each development poses new questions.