14
INTRODUCING CREDIT DERIVATIVES
14.1 Development of the credit derivatives market
14.2 Motivations for using credit derivatives
14.3 Introducing credit default swaps (CDS)
14.5 Credit events and determination committees
14.6 Capital structure, recovery rates, reference and deliverable obligations
14.7 Settlement methods and auctions
The evolution of derivatives has been a steady progression spanning more than a century. Some of the earliest derivatives were commodity futures traded on the Chicago Board of Trade from the middle of the nineteenth century. Equity options have also been traded for more than 100 years, although they did not make a formal debut until 1973 when the Chicago Board ...
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