Argentina's debt default and the col-lapse of Enron, America's biggest bankruptcy, are together offering the greatest test yet faced by dealers in the still young market for credit derivatives. These are instruments that allow lenders to pass on to others the risk that borrowers will default-in return for a fee. Billions of dollars of credit-default swaps, one class of such derivatives, were written on Enron and on Argentina. Here is a chance, people who deal in credit derivatives think, to prove their products' worth.
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