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In finance, a credit derivative refers to any one of "various instruments and techniques designed to separate and then transfer the ''credit risk''"〔The Economist ''Passing on the risks'' 2 November 1996〕 or the risk of an event of default of a corporate or sovereign borrower, transferring it to an entity other than the lender〔 or debtholder. An unfunded credit derivative is one where credit protection is bought and sold between bilateral counterparties without the protection seller having to put up money upfront or at any given time during the life of the deal unless an event of default occurs. Usually these contracts are traded pursuant to an International Swaps and Derivatives Association (ISDA) master agreement. Most credit derivatives of this sort are credit default swaps. If the credit derivative is entered into by a financial institution or a special purpose vehicle (SPV) and payments under the credit derivative are funded using securitization techniques, such that a debt obligation is issued by the financial institution or SPV to support these obligations, this is known as a funded credit derivative. This synthetic securitization process has become increasingly popular over the last decade, with the simple versions of these structures being known as synthetic collateralized debt obligations (CDOs); credit-linked notes; single tranche CDOs, to name a few. In funded credit derivatives, transactions are often rated by rating agencies, which allows investors to take different slices of credit risk according to their risk appetite. == History and participants == The market in credit derivatives started from nothing in 1993 after having been pioneered by J.P. Morgan's Peter Hancock.〔 〕 By 1996 there was around $40 billion of outstanding transactions, half of which involved the debt of developing countries.〔 Credit default products are the most commonly traded credit derivative product〔(【引用サイトリンク】format=PDF )〕 and include unfunded products such as credit default swaps and funded products such as collateralized debt obligations (see further discussion below). On May 15, 2007, in a speech concerning credit derivatives and liquidity risk, Geithner stated: “Financial innovation has improved the capacity to measure and manage risk.” 〔Remarks at the Federal Reserve Bank of Atlanta's 2007 Financial Markets Conference—Credit Derivatives, Sea Island, Georgia〕 The ISDA〔(【引用サイトリンク】title=ISDA )〕 reported in April 2007 that total notional amount on outstanding credit derivatives was $35.1 trillion with a gross market value of $948 billion ((ISDA's Website )). As reported in ''The Times'' on September 15, 2008, the "Worldwide credit derivatives market is valued at $62 trillion". Although the credit derivatives market is a global one, London has a market share of about 40%, with the rest of Europe having about 10%.〔 The main market participants are banks, hedge funds, insurance companies, pension funds, and other corporates.〔 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Credit derivative」の詳細全文を読む スポンサード リンク
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