| 单词 | FIRST-TO-DEFAULT SWAP |
| 释义 | An OVERTHECOUNTER DEFAULT SWAP comprised of a BASKET of reference credits that entitles the purchaser to a payout on the first one that DEFAULTS; once a default occurs, the transaction terminates. Since swap pricing generally takes account of reference credit CORRELATIONS, the DERIVATIVE is cheaper than the purchase of individual contracts on the same reference credits. See also CREDIT DERIVATIVE. |
| 随便看 |
|
法律词典收录了41026条英汉双解法律词条，基本涵盖了常用法律英语单词及短语词组的翻译及用法，是法律学习的有利工具。