Foreword

Stephen Bartlett

When we embark on an expedition, many questions are likely to have been formulated, others are in the process of being formulated and many have not even been contemplated. During the expedition, in an attempt to answer a question – or perhaps to carry out a meticulous excavation in order to answer the question in a way that others have yet to attempt, let alone publish – we can most likely merely scratch the surface. In this book, Indra Rajaratnam formulates questions on the operation of the single-name credit default swap (CDS) and answers them to a degree that the reader will not hesitate to conclude is highly successful, offering a thought-provoking examination as to its significance and flexibility in meeting the needs of today’s financial markets.

The single-name CDS has had an eventful life to date. This book initially takes the reader through its benefits since its infancy in the 1990s, and later addresses present-day trading-related issues with a clarity and thoughtfulness that will appeal to a CDS trader, investor or regulator as well as to a risk, accounting or legal professional.

Some readers will remember the debates in its early years concerning the use of the

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