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In finance, a derivative is a contract that ''derives'' its value from the performance of an underlying entity. This underlying entity can be an asset, index, or interest rate, and is often called the "underlying".〔("Derivative Definition" ), Investopedia〕 Derivatives can be used for a number of purposes, including insuring against price movements (hedging), increasing exposure to price movements for speculation or getting access to otherwise hard-to-trade assets or markets. Some of the more common derivatives include forwards, futures, options, swaps, and variations of these such as synthetic collateralized debt obligations and credit default swaps. Most derivatives are traded over-the-counter (off-exchange) or on an exchange such as the Chicago Mercantile Exchange, while most insurance contracts have developed into a separate industry. Derivatives are one of the three main categories of financial instruments, the other two being stocks (i.e., equities or shares) and debt (i.e., bonds and mortgages). ==Collateralised debt obligation== A collateralised debt obligation (CDO) is a type of structured asset-backed security (ABS).〔An "asset-backed security" is used as an umbrella term for a type of security backed by a pool of assets—including collateralized debt obligations and mortgage-backed securities (Example: "The capital market in which asset-backed securities are issued and traded is composed of three main categories: ABS, MBS and CDOs". (source: ) —and sometimes for a particular type of that security—one backed by consumer loans (example: "As a rule of thumb, securitization issues backed by mortgages are called MBS, and securitization issues backed by debt obligations are called CDO, () Securitization issues backed by consumer-backed products—car loans, consumer loans and credit cards, among others—are called ABS. source , see also )〕 Originally developed for the corporate debt markets, over time CDOs evolved to encompass the mortgage and mortgage-backed security (MBS) markets.〔Lemke, Lins and Picard, ''Mortgage-Backed Securities'', §5:15 (Thomson West, 2014).〕 Like other private-label securities backed by assets, a CDO can be thought of as a promise to pay investors in a prescribed sequence, based on the cash flow the CDO collects from the pool of bonds or other assets it owns. The CDO is "sliced" into "tranches", which "catch" the cash flow of interest and principal payments in sequence based on seniority. If some loans default and the cash collected by the CDO is insufficient to pay all of its investors, those in the lowest, most "junior" tranches suffer losses first. The last to lose payment from default are the safest, most senior tranches. Consequently, coupon payments (and interest rates) vary by tranche with the safest/most senior tranches paying the lowest and the lowest tranches paying the highest rates to compensate for higher default risk. As an example, a CDO might issue the following tranches in order of safeness: Senior AAA (sometimes known as "super senior"); Junior AAA; AA; A; BBB; Residual.〔Lemke, Lins and Smith, ''Regulation of Investment Companies'' (Matthew Bender, 2014 ed.).〕 Separate special purpose entities—rather than the parent investment bank—issue the CDOs and pay interest to investors. As CDOs developed, some sponsors repackaged tranches into yet another iteration called "CDO-squared" or the "CDOs of CDOs".〔 In the early 2000s, CDOs were generally diversified,〔Bethany McLean and Joe Nocera, ''All the Devils Are Here, the Hidden History of the Financial Crisis'', Portfolio, Penguin, 2010, p.120〕 but by 2006–2007—when the CDO market grew to hundreds of billions of dollars—this changed. CDO collateral became dominated not by loans, but by lower level (BBB or A) tranches recycled from other asset-backed securities, whose assets were usually non-prime mortgages.〔("Final Report of the National Commission on the Causes of the Financial and Economic Crisis in the United States" ), a.k.a. "The Financial Crisis Inquiry Report", p.127〕 These CDOs have been called "the engine that powered the mortgage supply chain" for nonprime mortgages,〔''The Financial Crisis Inquiry Report'', 2011, p.130〕 and are credited with giving lenders greater incentive to make non-prime loans〔''The Financial Crisis Inquiry Report'', 2011, p.133〕 leading up to the 2007-9 subprime mortgage crisis. 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「Derivative (finance)」の詳細全文を読む スポンサード リンク
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