Conceived in the 1990s as a hedging tool, CDSs soon took off as a way to speculate on the likelihood of a firm going bust without having to trade its underlying bonds.

• 信用违约互换（CDSs）作为安全保险工具产生于90年代。不久，CDSs就成为对某公司破产的可能性进行投机而不必买卖该公司债券的一种手段。