But less than a decade ago, the credit-swaps market barely existed.

但是在不到十年以前，债务互换市场还未存在。

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Banks that own corporate bonds may use the swaps market to hedge against a company defaulting.

持有公司债券的银行在互换市场中对冲企业违约的风险。

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And the mayhem in the swaps market has shown the importance of on-exchange trading, so that trading remains orderly in times of stress.

掉期市场的一片混乱业已表明互换交易的重要，此交易在紧张时期依旧井然有序。

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The biggest U.S. banks are the biggest dealers, controlling 96% of the swaps market.

FORBES: Swaps Split Could Cost Banks $85 Billion In Capital

The only way to hedge that debt was to buy default insurance via the swaps market.

ECONOMIST: The money markets smell a wounded bank

Banks that own corporate bonds may use the swaps market to hedge against a company defaulting.

ECONOMIST: Buttonwood