Ralf Lierow



Corporates have so far played a minor role in the fast-growing credit derivatives market. Germany's Siemens Financial Services (SFS) is one of the few exceptions to that rule, using credit default swaps (CDS) to manage the risk associated with short-term trade receivables.

"Companies are missing out on CDS. I have been going on about this for years. A lot of corporations have segment or debtor concentrations, and it would make sense to reduce this concentration," says Ralf Lierow, Munich-based

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