Risk reallocation

Over the past decade, markets for credit risk transfer have grown exponentially. One consequence is that there has been a significant reallocation of risk within the financial system from the core banking institutions to various non-bank financial entities. Within the credit default swap (CDS) market alone, there was $3 trillion of net credit exposure transferred out of the banking system in 2006, with the main counterparties being insurance companies ($2.2 trillion) and hedge funds ($800

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