Credit derivatives: introduction

By Jon Gregory

This article was first published as a chapter in Credit Derivatives, by Risk Books.

All opinions expressed herein are those of the author and do not necessarily reflect those of his employers, past or present.

Financial derivatives and especially credit derivatives have experienced tremendous growth in recent years. Derivatives play an important role in improving the growth and efficiency of the global economy but can have potentially enormous risks, as highlighted by the 2001 collapse of the

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