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How the Credit Default Swaps Market Works

By Reuters | 15 Oct 2008 | 06:46 AM ET

http://www.cnbc.com/id/27193149

  • mid-2008: $54.6 trillion

Amount of outstanding contracts, according to the International Swaps and Derivatives Association (ISDA).

**nice explanation and history – in layman’s terms easy to understand. No explanation of why it was allowed to happen nor what all is actually at risk, although that is probably being investigated in a lot of places.