The crisis management framework for banks in the European Union (EU) requires the resolution authorities to identify …

We develop a framework to analyse the Credit Default Swaps (CDS) market as a network of risk transfers among … counterparties. From a theoretical perspective, we introduce the notion of flow-of-risk and provide sufficient conditions for a bow … counterparties: i) Ultimate Risk Sellers (URS), ii) Dealers (indirectly connected to each other), iii) Ultimate Risk Buyers (URB). We …