Certainly, in the latest credit bubble the big investment Banks look like classic insiders, selling pups in the form of complex structured products that few really understood.

当然，在最近的信贷泡沫中，大型投行看上去像是典型的局内人：用没有几个人能真正理解的复杂结构性产品来糊弄人。

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Such products, known as “structured credit”, encourage liquidity, partly because they can be created out of thin air.

这类通常也被称为“组合式信贷”的产品促进了流动性，部分原因就在于它们能够凭空创造出来。

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Also, favourable ratings and credit enhancements artificially boosted the quality of loans underlying structured products.

此外，较高的评级与信用增级都人为地提高了结构产品中基础贷款的质量。

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Before the monolines ran into trouble with exposure to credit derivatives and structured products in late 2007, they enjoyed a robust business insuring municipal debt.

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We estimate that the Yield on Fixed-Income Trading Securities fell from 5% in 2005 to 2.8% in 2007, with the company suffering losses on structured credit products during the subprime crisis. in addition to fall in volumes and liquidity during the global economic downturn.

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At MDE, we have developed a series of strategies that use ETFs and exchange traded options to sculpt risk return payoffs similar to those offered by banks structured products, but without any bank credit risk.

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