CCDS unchained?

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A review of how derivatives markets have evolved over the past 25 years yields one important insight: major developments usually take hold only when two or three enabling developments are in place. These developments usually fall into the areas of financial theory, computing technology, the regulatory/legal environment and the general business environment.

The dramatic growth in derivatives throughout the 1980s was clearly supported by development of the Black-Scholes option pricing formula in

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