CDS: the building blocks for synthetic CDOs

2. credit default swaps

Balance sheet and arbitrage instruments are known as cash CDOs when the underlying assets are physically transferred from the originator to investors via the CDO. The scope of cash CDOs, however, has been limited by a number of factors, ranging from the availability of suitably diverse assets through to legal and tax-related complications associated with the physical transfer of assets.

Those restrictive influences were especially notable in Germany, where they effectively barred banks from

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