Until this year, credit default swaps were exclusively traded over-the-counter (OTC). But during the first six months of 2007, the world's largest derivatives exchanges have launched their versions of this popular financial product. While there has been some market scepticism of the viability of exchange-traded credit contracts, the evolution of the CDS market has created a place in the market for these new contracts.
The CDS products that first came to market in the 1990s were highly customi
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