第一部分是对信用风险、信用风险管理及传统信用风险管理方式缺陷的分析，为信用衍生工具的引入做了必要的铺垫。
Firstly, part one analyzes credit risk, credit risk management and the limitation of the traditional credit risk management mode, and lays a way for introducing of credit derivatives.
信用衍生产品是新兴的最具发展潜力的信用风险管理工具之一。
Credit derivatives is one of the emerging risk management instruments with great potential.
又比如资产支持证券的出现，就像其它金融衍生工具一样，迫使市场参与者更加重视信用风险。
For example the emergence of asset-backed securities, like other financial derivatives, forcing market participants to pay more attention to credit risk.
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