22
MANAGING CREDIT RISK
22.4 Trading strategies using CDS
22.5 Implementing directional views
22.6 Monetising relative credit views
Chapter 14 has already charted the dramatic growth and development of the credit derivatives market from small beginnings in the mid-1990s to become the world’s second largest derivatives market just ten years later. Part of this explosive growth was because credit derivatives served a need that was hitherto unaddressed – a derivative product tailored specifically to help banks and investors hedge their exposure to credit risk. However, the major spur to growth came from new opportunities ...
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