TAILIEUCHUNG - THE J.P. MORGAN GUIDE TO CREDIT DERIVATIVES

Credit derivatives fit neatly into this three-dimen sional scheme . Until recently, credit rema ined one of the ma jor components of business risk for wh ich no tailored risk-managemen t products existed. Credit risk managemen t for the loan portfolio manager mean t a strategy of por tfolio diversification backed by line limits, with an occas ional sale of positions in the secondary ma rket . De riva tives users relied on purchasing insurance, let ters of credit, or guarantees, or negotiating colla teralized ma rk- to-ma rket credit enhancemen t provisions in Master. | THE . MORGAN GUIDE TO CREDIT DERIVATIVES With Contributions from the RiskMetrics Group Published by ĩí JPMorffan RMG RISK IĐĨÕỈIIEQ1 Contacts JPMorgan NEW YORK Blythe Masters Tel 1 212 648 1432 E-mail masters_ blythe@ NEW YORK Sarah Xie Tel 1 212 981 7475 E-mail .com LONDON Jane Herring Tel 44 0 171 2070 E-mail herring_ jane@jpmorgan .com Oldrich Masek Tel 44 0 171 325 9758 E-mail masek_oldrich@jpmorgan .com TOKYO Muneto Ikeda Tel 8 3 5573 1736 E-mail ikeda_muneto@jpmorgan .com LONDON Rob Fraser Tel 44 0 171 842 0260 E-mail rob. fraser@riskmetrics .com Introduction Credit Derivatives are continuing to enjoy major growth in the financial markets aided and abetted by sophisticated product development and the expansion of product applications beyond price management to the strategic management of portfolio risk. As Blythe Masters global head of credit derivatives marketing at . Morgan in New York points out In bypassing barriers between different classes maturities rating categories debt seniority levels and so on credit derivatives are creating enormous opportunities to exploit and profit from associated discontinuities in the pricing of credit risk . With such intense and rapid product development Risk Publications is delighted to introduce the first Guide to Credit Derivatives a joint project with . Morgan a pioneer in the use of credit derivatives with contributions from the RiskMetrics Group a leading provider of risk management research data software and education. The guide will be of great value to risk managers addressing portfolio concentration risk issuers seeking to minimise the cost of liquidity in the debt capital markets and investors pursuing assets that offer attractive relative .

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