Credit derivative instruments are standard financial contracts that are now mastered by standardized International Swap Dealers Association (ISDA) documentation.
Credit derivative applications are far reaching. Most importantly, many types of credit derivative applications are not available in traditional corporate bond or loan markets.
The brisk growth of the market has been a result of several factors, but namely the fact that credit derivatives: (1) can offer superior economics to cash market credit instruments; and (2) allow for the efficient hedging of credit risk.
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