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The way modern credit default swaps work is that if a company or country defaults on its bonds, there is a somewhat complicated auction for those bonds, in which people who own CDS can sell their bonds and people who sold CDS can buy those bonds and anyone else who wants to can also participate. The auction sets a clearing price for the bonds, and then the CDS contracts are settled for cash based on that clearing price. So if the auction sets a price of 38 cents on the dollar, CDS will pay out 62 cents on the dollar; the rough idea is that a package of $100 of bonds and $100 of CDS should be worth $100 after the default.
Elon Will Read the Tweets
bloomberg.com
For although the jianghu is often described in a rhetoric of mutual reciprocity and trust, the interpersonal relationships that actually constitute it are “held together by shifting bonds of morality, desire, and interest” that make them “highly fragile and contingent.”
The Currency of Truth
Emily H. C. Chua
The first web browser, called WorldWideWeb, was created in 1990 by Sir Tim Berners-Lee. He then recruited Nicola Pellow to write the Line Mode Browser, which displayed web pages on dumb terminals; it was released in 1991.
Web Browser - Wikipedia
en.wikipedia.org
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