CDS

    信用违约互换

    上周五，银行间市场交易商协会发布修订后的《银行间市场信用风险缓释工具试点业务规则》。请看本报昨日的报道：

    Regulators have published rules on credit default swaps (CDS), marking the launch of a much-needed hedging tool in the country's corporate bond market, which has witnessed increasing defaults.

    The new rules published Friday were met with scepticism about how effective the hedging tool would be in addressing the country’s growing debt risks.

    The market provides insurance against debt defaults and is the latest indication of China moving to find tools to help manage what the International Monetary Fund has described as an "unsustainable" rise in credit.

    报道中的CDS就是“信用违约互换”，如果出现债务违约，卖出CDS的一方将给买入的一方补偿。简单说，CDS就是债券违约风险权证。比如A发行债券，B购买债券，但是B担心债券风险，于是C提供担保，这种风险权证可以转让。