The credit derivatives hook

Hedge funds

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In its authoritative September 2004 survey of the credit derivatives industry, rating agency Fitch found that, for the most active market intermediaries, hedge funds made up between 20% and 30% of their overall trading volume. Most independent testimony supports these figures, but what is perhaps most interesting is that, as yet, by far the most popular product for hedge funds is the single-name default swap.

In a year when the collateralised debt obligation (CDO) market has seen explosive gr

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