Breaking down



The credit crisis has shown no respect for the derivatives industry's cherished traditions - even going so far as to kick sand in the face of the pricing techniques first developed in 1973 by Nobel prize winners Fischer Black and Myron Scholes. The Black-Scholes model showed that equity options could be valued by inferring volatility from market prices, and this insight has become the cornerstone for derivatives pricing - including valuation of the credit products that have been at the heart of

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