Over the past few years the CDS market's role has evolved from mostly providing default protection towards credit risk … (default-free) risk-free benchmark (i.e. bearing interest rate risk only) to sovereign debt as a credit risk asset. Therefore … default chain scenarios for major participants in the CDS market; again, following the literature on interbank networks, we …

(the 'Tobin tax'), involves transactions in traditional foreign exchange markets (without financial derivatives). In the … derivatives. The potential tax base is enormous here by all standards. However, the problem of a fair sharing of burdens across …

traditional stock market trading - excluding the dominant derivatives, bonds and intraday trading - as the greatest weakness of … derivatives and bonds, as well as over-the-counter trading and, in the medium term, high-frequency trading. …