Editing Credit derivative (section)

==== Credit default swap ====
{{Main|Credit default swap}}
The credit default swap or CDS has become the cornerstone product of the credit derivatives market.  This product represents over thirty percent of the credit derivatives market.<ref name="BBACDR"/>

The product has many variations, including where there is a basket or portfolio of reference entities, although fundamentally, the principles remain the same.  A powerful recent variation has been gathering market share of late: credit default swaps which relate to asset-backed securities.<ref>{{cite web  |last1=Parker |first1=Edmund |last2=Piracci |first2=Jamila |url=http://www.mayerbrown.com/london/article.asp?id=3517&nid=1575|title=Documenting credit default swaps on asset backed securities |publisher=Mayer Brown |date=April 19, 2007 |archive-url=https://web.archive.org/web/20110521170516/http://www.mayerbrown.com/london/article.asp?id=3517&nid=1575 |archive-date=May 21, 2011 }}</ref>