credit-default swap

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cred·it-de·fault swap

n. Abbr. CDS
A financial instrument used as insurance against a default on a bond, loan, or other debt.
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Securities and Exchange Commission Chairman Christopher Cox said Congress should 'immediately' grant authority to regulate credit-default swaps amid concern the bets are fueling the global financial crisis.
Floyd Norris, The Naked Truth on Credit-Default Swaps, N.