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CDS Assignment

论文作者:留学生论文论文属性:作业 Assignment登出时间:2010-05-29编辑:steelbeezxp点击率:5399

论文字数:论文编号:org201005292254049942语种:英语论文 English地区:英格兰价格:$ 22

关键词:CDS Assignment

Credit Derivatives come into the world at 1990s. It is about 20 years later which compared to financial derivatives (Gregory R. Duffee, 2001). Credit derivatives develop rapidly and credit default swap (CDS) is more notable. As one of credit derivative developed the most rapid, credit default swap brings revolutionary change for credit risk management. CDS can transfer credit risk so as to reduce difficulty of issuing debentures and increase selected space of bond investors and investors' interest. Recently, major organizations which issue credit derivatives data are International Swaps and Derivatives Association (ISDA), British Bankers' Association (BBA) and Bank for International Settlements (BIS). Although statistical survey is different, all data reflect the same information--credit default swap develop rapidly. The reason of development is flexibility of CDS. Except those aspects, CDS has some important merits: providing short-mechanism, managing credit risk in the situation of Reference asset's stock is limit, investing credit assets without undertaking interest risk and so on. In this essay, it will first define credit default swap and make a compare with conventional swaps (such as currency swaps and interest rate swaps). Following this, it will discuss the roles of CDS in the collapses of several financial institutions over the world during 2008. At last, it will analyze Australian banks in CDS activities.

1 Definition of credit default swap

2 Roles of CDS in the collapses of several financial institutions

3 CDS activities of Australian banks

3 Conclusion
Credit default swaps is a kind of credit derivatives in the bond market. The emergence of CDS meets mutual demands in the market. CDS contract consists of two legal transactions, one is the buyer who is protected when credit events happen and another one is seller who guarantees the loss of buyer. But with development of CDS, it goes far beyond the original design of CDS and becomes behavior of betting. The reason of CDS causing the financial crisis is that it exist institutional defects. There are no government supervision, the central settlement system, reserve money requirements. All are in the not clear situation. And propose of CDS is mainly obtaining the highest returns.

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