For example, BlueMountain Capital, an Americanhedgefund, hasagreed to take on somerisks on a credit-defaultswap portfoliofrom credit Agricole, a Frenchbank.
That was followed by the explosive growth of available mutual funds by which investors could swap an entire portfolio with just one phone call, and later just a click of a computer mouse, with no transaction cost if handled directly with the mutual fund, and only one small commission if handled through a discount broker.