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信用衍生工具是分离和转移信用风险的各种工具和技术的统称。在国际金融市场上,信用违约互换是交易最活跃的信用衍生工具之一,是20世纪90年代发展起来的一种用于管理信用风险的新型金融衍生工具。其通过将信用风险从基础资产中分离出来,以市场价格在交易商之间转让,达到转移信用风险的目的。1994年,摩根银行和欧洲复兴开发银行开展了第一笔信用违约互换交易。信用衍生产品的出现从根本上改变了传统信用风险管理方式,提高了信用风险管理效率。2010年10月,银行间市场交易商协会
Credit derivatives are a collective term for various tools and technologies that separate and transfer credit risk. In international financial markets, credit default swaps are one of the most actively traded credit derivatives. They are a new type of financial derivatives developed in the 1990s for managing credit risk. By separating the credit risk from the underlying assets and transferring the market price among the traders, it achieves the purpose of transferring credit risk. In 1994, Morgan Stanley and the European Bank for Reconstruction and Development conducted its first credit default swaps. The emergence of credit derivatives has fundamentally changed the traditional credit risk management and improved the efficiency of credit risk management. October 2010, Interbank Market Traders Association