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2007年的金融危机使得学术界对CDS相关产品的过度开发、定价缺陷以及风险管理进行反思;近年来欧洲各国主权债务危机的频发,又使得主权CDS在全球范围内备受瞩目。中国2010年推出了被誉为中国版CDS的信用风险缓释工具(CRM)。2016年9月,协会正式发布了《银行间市场信用风险缓释工具试点业务规则》及相关配套文件,真正推出了两项包含(CDS)在内新产品。信用风险衍生产品的前景巨大。因此本文通过CDS功能介绍,发展历程总结,阐述cds现状和可能面临的问题,并进一步提出建议。
In 2007, the financial crisis made academics reflect on over-development of CDS-related products, pricing defects and risk management. In recent years, the frequent occurrence of sovereign debt crises in European countries has also made sovereign CDS attract worldwide attention. China launched the credit risk mitigation tool (CRM) known as CDS China in 2010. In September 2016, the Association officially promulgated the Pilot Business Rules on Credit Risk Mitigation Tools in the Inter-bank Market and related supporting documents, and launched two new products including CDS. The prospects for credit risk derivatives are huge. Therefore, this paper introduces the CDS function, the development process summary, cds present situation and possible problems, and further suggestions.