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CDS Delivery Option: Better Pricing of Credit Default Swaps by David Boberski

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8
Designing an Agency Credit Derivatives Futures Contract
Every trader in every market wakes up every day and asks one question: Is today the beginning of a new era in my market, or will we see the continuation of an earlier trend, one that will perhaps revert toward the mean?
Contract designers face the same question. Should a designer rely on precedent, extending existing methodology in a slightly new direction in an evolutionary step? Or should a designer try to begin an entirely new era in derivatives trading? These inquiries may seem abstract to traders who are new to the markets, but there are concrete histories to study behind every question.
The best designs always seem obvious—after the fact. In the beginning, each contract starts with ...

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