Finicade
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Level 8 · ◆◆ · ~9 min

Credit Derivatives

Trading default risk: CDS, the credit triangle, and tranches.

"Insurance on a company's promise to pay."

credit default swapprotection vs premium legcredit triangleCLNCDO tranches
🚀 You're jumping ahead. This builds on Interest Rate Instruments I — but play it now and you'll still earn full XP. If it feels steep, those make a gentler on-ramp.

A short lesson, then a quiz. ❤️×3 — a wrong answer costs a heart; finish with at least one left and the level is yours. Lose all three and you'll have to try again. Replay any time — XP and cleared levels are never lost.