CCDS unchained?
In October, David Rowe argued that contingent credit default swaps offered only limited potential for active counterparty credit risk management. The convergence of several factors could change that
A review of how derivatives markets have evolved over the past 25 years yields one important insight: major developments usually take hold only when two or three enabling developments are in place. These developments usually fall into the areas of financial theory, computing technology, the regulatory/legal environment and the general business environment.
The dramatic growth in derivatives throughout the 1980s was clearly supported by development of the Black-Scholes option pricing formula in
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