Der Vermögensaufbau beginnt mit einem ETF-Depot

 

Ein Credit Default Swap oder Kreditausfalltausch (Abkürzung CDS) ist ein Kreditderivat, bei dem Ausfallrisiken von Krediten, Anleihen oder Schuldner­namen gehandelt werden.

Du solltest Dich etwas näher mit dem Thema "Anleihen" beschäftigen. Lies dir einfach mal die Erklär-Artikel oben in Ruhe durch, dann wird dir die Mechanik dahinter klar: The Transfer Problem Revisited:

ETFs sind ideal geeignet, um langfristig ein stabiles Kernvermögen aufzubauen

* Comprehensive data from launch through December 28, CDS clearing began at ICE Clear Credit (formerly ICE Trust) in March and at ICE Clear Europe in July

A new series of CDS indices is issued every six months by Markit. This process is intended to ensure that the index does not become "cluttered" with instruments that no longer exist, or which trade extremely illiquidly. On the day of issue a fixed coupon is decided for the whole index based on the credit spread of the entities in the index.

IG Series 3 through 11 the coupons were set to approximate the average weighted spread of the names in that index. Once this has been decided the index constituents and the fixed coupon are published, and the indices can be actively traded. Most indices will be quoted at a theoretical traded spread in basis points. This represents the fraction of the protected notional that would be paid yearly. The standardisation of indices means that instead of paying the theoretical spread, the fixed or running spread as defined in the index documentation is paid.

It also means that coupon payments are not at fixed intervals starting from the trade date - payment dates are fixed on the 20th of March, June, September, and December. This means that the first coupon period may be a different length to the others.

To offset the difference between traded spread and running spread, and the accrual from the first coupon period, an upfront fee is paid. EM indices are generally quoted slightly differently. In the same manner as high yield single name CDSs, they are quoted as a price - i.

Credit indices trade OTC usually. Prior to the most common form of trading was through voice phone or a chat such as on a Bloomberg terminal. By migrating to screens the transparency of trading is greatly enhanced as market volumes per market-maker are available. Market-makers can see the total amount of index trading daily and where they rank against their peer group.

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