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Growth in Global Security Issues,1990-2003 Extension of Risk Management by Credit Derivatives Market Risks Risk of Default InsolvencyRisk SpreadRisk Credit DefaultSwap Credit SpreadPut Total Rate of Return Swap Alternative I: ABS – Transactions(?True Sale“) Bank(Originator / Seller) S.P.V.(Buyer) Sale of aCredit Pool Price of the Credit Pool Investors Price ofBonds Issuance of ABSCoupon-Payments; Redemption minus Losses on ABS Market Securitisation of Credit Risks(Europe 2002 in Mrd. $) Alternative II: Synthetic Sales by Collateralized Debt Obligations (C.D.S.) Bank(Originato