Credit model meltdown

The credit derivatives market is growing at a pace unprecedented in financial markets. From a non-existent business 10 years ago, the value of outstanding notionals stood at more than $26 trillion as of June, according to the latest survey from the International Swaps and Derivatives Association. That's more than four times the size of the over-the-counter equity derivatives market.

The development of the market has proven to be a major boon for loan portfolio managers that can synthetically sell

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