An expanding market

Conclusion

In hindsight, 2003 and 2004 can be viewed as the years in which the CDO market truly came of age. The broader market for credit derivatives survived the intense pressures to which it was subjected during the upheavals of 2000 and 2001 and the market that emerged as a result proved to be significantly more resilient, liquid and transparent than even many of the most enthusiastic advocates of credit derivatives had forecast.

As a result, it is clear that the CDO market is here to stay. "Our vie

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