The global credit derivatives market is expected to grow to more than $33,000bn by the end of 2008, according to a survey from the British Bankers’ Association, the UK-based trade body.

The report says that total global credit derivatives volume by the end of this year is expected to reach $20,000bn. This figure is at odds with data released on Tuesday by the International Swaps and Derivatives Association, the derivatives industry body, which said that global volumes had hit $26,000bn already at the end of the first half.