Following a slowdown in trading activity from mid-year 2009 to mid-year 2012, U.S. institutions and ISDA are hopeful about a recovery in equity derivatives trading volumes in 2013, but hardly bullish. Activity in the equity derivatives market is a function of broad investor sentiment. According to Jayson Kim with AIG, “at the moment investors are not confident about the durability of the economic recovery or the future direction of financial markets but remain optimistic.”