Then we turn to the core of this paper: the development of the credit derivatives market and application of the product.

目前，在我国商业银行的信用风险的管理过程中，还没有运用真正意义上的信用衍生产品。

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Mr Tuckett takes a lofty view of the crisis, but Nicholas Dunbar gets down-and-dirty with the details in his book, “The Devil’s Derivatives”, about the credit derivatives market.

塔克特先生站在了一个高度视角上俯瞰这场危机，而尼古拉斯•邓巴则站在一个低下肮脏的位置为他的新书描述了众多细节——关于信贷衍生品市场的《恶魔的衍生品》。

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Now they do: “The use of credit derivatives has totally liberalised the debt market, ” he says. “It has created an enormous shift in the risk profile of banks.

现在他们可以：“信贷衍生工具的使用已经完全放宽了债务市场”，他说，“这已经使得银行在风险方面的形象有了极大的转变。

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He wasn't the only one to sound alarms about the housing bubble and the explosion of the credit derivatives market.

FORBES: Credit Crisis: Where Was The SEC?

One of the problems is the lack of clear information, outside the banks and trading floors, about the credit derivatives market.

FORBES: Credit Crisis: Where Was The SEC?

The development of the credit-derivatives market has made it possible for investors to sell or acquire credit risk.

ECONOMIST: Borrowed time