High-yield CDS Building liquidity

credit default swap market

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Financial markets have long had a reputation for moving quickly, but the corporate debt market has traditionally been the tortoise to the equity market’s hare in terms of product innovation and liquidity. Since the advent of credit derivatives in the 1990s, however, the tortoise has been playing catch-up, with the latest boost coming from the market for credit default swaps (CDS) referenced to high-yield securities.

High-yield CDS started trading in 1999, but until recently it was the smaller an

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