This paper, which won Tim Townend - a Masters Graduate in investment banking at the ISMA Centre at Reading University - this year's CSFI/ISMA prize for Best Dissertation, establishes points of comparison between different segments of the fast-growing credit derivatives market. The judges said the paper "is an excellently researched and developed piece of work which comes up with a solution to a major difficulty in the credit derivative market. A genuine contribution to financial innovation."