The credit default swap (CDS), a financial product that has seen its volumes and outstanding notional decline
for roughly a decade, credit default swaps have found their way back into the headlines—and for good reason.
First, they have been at the heart of the kind of financial legerdemain that makes for great journalism.
Second, and more importantly, as global central banks begin to normalize their balance sheets and interest
rates, credit volatility may well return. As such, there is a race against time to either repair the CDS market or
find an alternative…

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