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Global Banking$
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Roy C. Smith, Ingo Walter, and Gayle DeLong

Print publication date: 2012

Print ISBN-13: 9780195335934

Published to Oxford Scholarship Online: May 2012

DOI: 10.1093/acprof:oso/9780195335934.001.0001

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Derivatives and Swaps Markets

Derivatives and Swaps Markets

Chapter:
(p.121) Chapter 6 Derivatives and Swaps Markets
Source:
Global Banking
Author(s):

Roy C. Smith

Ingo Walter

Gayle Delong

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780195335934.003.0006

Few events have stimulated international capital market activity as much as the development of derivative securities. Derivatives, which include futures and options, are contracts whose values reflect changes in the price of underlying assets such as stocks, bonds, commodities, or foreign currency. Swaps, which are over-the-counter instruments involving the exchange of one stream of payment liability for another, are presented, including credit default swaps and collateralized debt obligations. Derivatives are intended as a tool to manage the various risks associated with financial assets and liabilities, the market values of which can fluctuate widely. However, derivatives tend to be complicated, and understanding the full spectrum of their risks can be difficult. During financial turmoil, the risks can become exaggerated, as evidenced by the part they played in the global financial crisis that began in 2007.

Keywords:   collateralized debt obligations, credit default swaps, credit derivatives, derivatives, swaps

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