信用衍生产品是以贷款或债券的信用作为基础资产的金融衍生工具，其实质是一种双边金融合约安排。
从根本上讲，交易所希望将信用衍生产品变成交易商品。
Ultimately, the bourses hope to turn credit derivatives into exchange-traded products.
信用衍生产品原意是分散风险，但是它反而使风险更集中。
Credit derivatives, which were supposed to diffuse risk, instead concentrated it.
信用衍生产品的监管处理往往是在此基础上类推；见本章之后讨论。
The regulatory treatment of credit derivatives is frequently based on this analogy; see discussion later in this chapter.
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