Giving credit its due



The Byzantine complexity of the synthetic forms of debt that catalysed the 2007 credit crunch has resulted in sleepless nights for both bankers and regulators as they attempt to divine the full exposure that financial firms have to the structured credit market.

With collateralised debt obligations (CDOs) of asset-backed securities (ABS) containing as many as three tranches - each of which is formed from different pools of ABS - providing exact figures of who owes what to whom is a complex and

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