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FINANCIAL MARKET COURSES

Credit Derivatives – An Introduction

Credit derivatives allow one party to transfer an asset's credit risk to another party without transferring ownership of the underlying asset. This course outlines the basics of credit derivatives and examines the structure of a basic credit derivatives trade, known as a credit default swap (CDS). Other topics covered include the development of the market pre- and post-financial crisis, and the risks associated with undertaking credit derivatives transactions.

  • OBJECTIVES

    On completion of this course, you will be able to:

    Recognize credit as a separate asset class that can be traded

    Identify the basic structure of a credit derivative (credit default swap)

    Recall the evolution and development of the credit derivatives market

  • COURSE OUTLINE

    Topic 1: Credit as an Asset Class

    Credit Risk & Bonds

    Credit Risk & Spreads

    Credit Spreads & Asset Swaps

    Credit as an Asset Class

    Topic 2: Credit Derivative Structures

    What is a Credit Derivative?

    Credit Default Swaps (CDS)

    o Credit Default Swaps

    o Premiums & Spreads

    o Payments & Settlement

    Compensation Payment

    Reference (Deliverable) Obligations

    Single & Multi-Name Default Swaps

    Protection Period

    Credit Events

    Topic 3: Market Development

    Credit Derivatives Pre- & Post-Crisis

    Market Players

    Notional Values & Market Size

    Trade Compression

    Central Clearing

    Netting

  • PREREQUISITE KNOWLEDGE

  • ESTIMATED COMPLETED TIME

    75 Minutes

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