Risk transfer without tears

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As a concept, collateralisation is not new. Indeed, Shakespeare, in The Merchant of Venice, clearly highlighted some of the issues associated with the extraction of value from a collateralisation relationship.

Today, collateralisation is often regarded as a ‘risk-free’ risk mitigant, a view that can give a false sense of security, especially within a trading environment. This is made clear by the UK Financial Services Authority April 2004 paper, Management of credit risks within a trading

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