Herrera, Helios; Schroth, Enrique - Swiss Finance Institute - 2003
designed to
transfer the credit exposure of an underlying asset between two parties. As
we will argue later, this type of … example, a credit swap or the purchase of a portfolio
of credit card collectibles, are not observable for free. Con … innovation in credit derivatives or asset securitization we can
identify a common feature: bankers choose not to disclose the …