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Credit Default SwapThe Credit default swap (CDS) is the most widely used credit derivative. It is an agreement between a protection buyer and a protection seller whereby the buyer pays a periodic fee in return for a contingent payment by the seller upon a credit event (such as a certain default (finance)) happening in the reference entity. Levels and flows The Bank for International Settlements reported the notional amount on outstanding credit forwards and swaps to be $3.846 trillion in end-June 2004, up from $536 billion at the end of June 2001. The Office of the Comptroller of the Currency reported the notional amount on outstanding credit derivatives from 667 reporting banks to be $1.909 trillion. See also External links Reporting *OCC - Quarterly Derivatives Fact Sheet
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