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前面几篇文章都是假设每个产品与产品发行者的信用级别是相同的,但这些产品都有一个缺点,就是必须承担交易对手的信用风险:如果交易对手破产了,那已经达成的交易必然会受到影响。如果交易市场估值你是赚钱的,也有可能因对手破产而拿不到钱;但如果你是亏欠的,交易对手清偿后,必然会追索到你,进行交易平盘处理,所以你一直暴露于交易对手的信用风险下。目前这种风险只能利用信用混合产品设计才能对冲掉。信用衍生产品目前在国内还比较陌生,本文作者详细介绍了国外该类产品的发展情况,我们相信,那些关注信用风险的交易者一定会大有收获。
The first few articles assume that each product has the same credit rating as the product issuer, but one drawback to these products is the credit risk that the counterparty must bear: if the counterparty goes bankrupt, the deal that has been reached must Will be affected. If the market valuation you make money, there may be no money due to the bankruptcy of an adversary; but if you are owed, after the counterparty liquidated, it is bound to recover you, traded flat, so you have been exposed Under the counterparty’s credit risk. This risk can only be offset by the design of credit mixes. Credit derivative products are still relatively unknown in the country at present, the author of this article introduced the development situation of this kind of products abroad in detail, we believe, those traders concerned about the credit risk will certainly gain greatly.