Big Bang - New dawn for CDS market

The credit derivatives industry and its professionals have seldom been without a keen sense of their own importance, and they may have been guilty of a little hyperbole when it was decided to name the changes introduced on April 8 to the mechanism of trading CDS as the "Big Bang".

There have been other big bangs of course. Most notably, the phrase normally refers to the process some 13.7 billion years ago by which our universe was born. It is also a successful US sitcom, and, apparently, the name