It’s no secret there are difficulties in the credit default swaps (CDS) market—declining volumes, disputes over
terms and other factors have bedeviled the space since the end of the global financial crisis. Less well-known
are the efforts by financial innovators to create substitutes for CDS. The spectacular growth of CDS in the
1990s and early 2000s demonstrated strong demand for credit hedging products, and market participants
have been looking for ways to meet those needs ever since…

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