The demands of innovation

- Clive Davidson
- 01 Aug 2003

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One theory of biological evolution has it that change often takes place in rapidbursts following long periods of relative stasis. This so-called punctuated equilibriummodel could certainly apply to credit, where decades of a stable, conventionalapproach are being swept aside by the innovations in credit derivatives. Withnew index products bringing the liquidity and transparency the market has beenseeking, and firms finding ever more creative ways to structure instruments tomeet end-user needs

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