All About Credit Derivatives

As you might have listened the security name "CDS(Credit Default Swap) ", CDS would become a trigger of the financial crisis. CDS is one of credit derivatives.
Yuko Kawai and Shingo Itoda told all about credit derivatives such as the history, kinds, trading structures and pricing. The teaching of pricing on this book is not difficult and details.
CDS would be necessary in the modern finance, because someone don't want large credit risks, but others want to take large risks and profits. The credit derivatives divide some credit risks from your investment for bonds. However, now the credit market had become too huge without any authority's controls. The market overdrove, and occurred the financial crisis, as you know well.

Please watch 60 Minutes "Financial Weapons of Mass Destruction " if you're interested.