CDS: not dead yet


The date: October 27. The scene: a dining room at one of the world’s biggest banks. The starter: grilled salmon.

While glasses of sparkling water were still enthusiastically effervescing, two of the bank’s senior executives railed against what they saw as a deliberate attempt to kill the market for sovereign credit default swaps (CDSs). Europe’s politicians had talked into the early hours of that morning to secure a deal they hope will restore faith in the continent and its currency, with one of

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