Risk USA 2003: Loan managers increasingly rely on credit derivatives, says CIBC's Bennett

Bennett, who was speaking at Risk magazine's ninth annual Risk USA conference in Boston today, said most loan managers are now beginning to move beyond simply "chopping the tall trees" - removing or mitigating against large credit risk concentrations.

Improved liquidity in the credit default swaps (CDS) market is producing opportunities for more sophisticated trading opportunities, such as basis trades, for example. Bennett recounted a recent opportunity where selling $10 million worth of one

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