信贷衍生工具使企业可以像交易汇率或利率风险那样交易信贷风险。以前，银行一旦放出贷款，就只能束手以待，祈祷万事平安；而现在，它可以主动管理自己的信贷风险组合。银行可以选择保留一些风险，并为其他风险购买保险。
信贷衍生工具，例如，允许投资者通过在其它风险中分割违约风险，正如利率运作。
Credit derivatives, for example, allow investors to separate the risk of default from other risks, such as interest-rate movements.
信贷衍生工具可能分散了危机，从而促进了全球经济的稳定，但哪些领域存在风险则不再明朗。
Credit derivatives have probably improved the stability of the global economy by dispersing risk, but it is no longer clear where that risk is being held.
信贷衍生工具价值的不断飙升，实物支付票据(用更多的债务来支付利息，而不是用现金)非常盛行。
Credit derivatives are soaring in value and payment-in-kind notes (which pay interest with more debt, rather than cash) are in vogue.
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