W artykule ukazano jeden z podstawowych derywatów kredytowych, jakim jest swap odmowy zapłaty. Przedstawiono zasadę jego działania, rodzaje a także korzyści i zagrożenia związane z jego stosowaniem. Zaprezentowano także charakterystykę rynku derywatów kredytowych, tzn. jak zmieniał się on w czasie, rodzaje derywatów kredytowych i ich udział w rynku, strukturę nabywców i sprzedawców swapa odmowy zapłaty.

This chapter aims to explore the evolving role of credit default swaps (CDS) in managing and transferring default risk from the perspective of banks from a holistic perspective. This chapter examines credit default swaps (CDSs) as derivative financial instruments that transfer credit risk on debt securities. While CDSs offer benefits such as risk management and risk trading, they also introduce potential systemic risks, as evidenced...

We pose the fundamental question of communication properties of primitives irrespectively of their implementation. To illustrate the idea we introduce the concept of entanglement-swapping boxes, i.e., we consider any quantum operations which perform entanglement swapping, not necessarily via simple quantum teleportation. We ask a question about the properties of such boxes, i.e., what local operations and how much classical communication...

Young's double-slit experiment [1] requires two waves produced simultaneously at two different points in space. In quantum mechanics the waves correspond to a single quantum object, even as complex as a big molecule. An interference is present as long as one cannot tell for sure which slit is chosen by the object. The more we know about the path, the worse the interference. In the paper we show that quantum mechanics allows for...