Our financial bubble, like all bubbles, has many complex strands feeding into it — called derivatives and credit-default swaps — but at heart, it is really very simple.

我们的金融泡沫，正如其他泡沫，被千丝万缕缠绕着，它们就是所谓的衍生物和信贷违约风险掉换，但是它的中心，却不那么复杂。

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Since 1996, Bloomberg has operated a division called Bloomberg Tradebook that acts as a broker dealer, facilitating the trade of equities in the U.S. The company is also applying to the government to be certified to facilitate trades of complex derivatives like credit default swaps.

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The venture between the two Chicago firms is meant to launch within 30 days and would provide a fully integrated trading and clearing platform for credit default swaps, the complex derivative contracts that have been one of the flash points of the credit crisis.

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