Definitions
Wiktionary
- n. finance A credit derivative contract between two counterparties, whereby the buyer (seller of risk) makes periodic payments to the seller (buyer of risk) in exchange for the right to a payoff if there is a default or other credit event in respect of a third party called reference entity.
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Words of the Times
Words discovered while reading The New York Times, each with a citation from the paper.
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john “The credit crisis has played out in places most people can’t see. It’s banks refusing to lend to other banks — even though that is one of the most essential functions of the banking system. It’s a loss of confidence in seemingly healthy institutions like Morgan Stanley and Goldman — both of which reported profits even as the pressure was mounting. It is panicked hedge funds pulling out cash. It is frightened investors protecting themselves by buying credit-default swaps — a financial insurance policy against potential bankruptcy — at prices 30 times what they normally would pay.�?
The New York Times, 36 Hours of Alarm and Action as Crisis Spiraled, by Joe Nocera, October 1, 2008 Oct 2, 2008