Greenspan lashes out at credit derivatives industry

“The difficulty is that while this is an extraordinary business, I was shocked and surprised that we were confronted by an operation issue,” said Greenspan. “There’s been significant improvement, but why does it exist in the first place?”

However, Greenspan also highlighted the credit derivatives market’s stabilising effect on the international financial system. “CDS, I think, is probably the most important instrument in finance. For decades we struggled to have maintainable prices. Most fun

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