Incredible credit

The Evolution of Credit

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Talk to some of the pioneers of the credit derivatives markets and they'll tell you credit is boring nowadays. For those working in the Wild West days of the mid-1990s, the now-commoditised market lacks the frisson of the early days. For these pioneers, the beauty of doing credit derivatives was working in a nascent market, like a scientist working in a new field, where they were creating products as they went along.

Early on, only a handful of trades would get transacted each month, then

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