It documents the remarkable growth and innovation in these credit products, with aggregate notional value of $ trillion and with about 1,200 regularly traded reference entities or “names.” The paper emphasizes that much more growth is likely, because these products are still in the early phases of their life cycle, and that the most important issue now facing market participants is the continuing development of their risk measurement and management capabilities.
Struck in sterling silver, and minted in the Royal Dutch Mint, the coin is designed by  artist Sandra Deiana, and my thanks to both of them. It pays tribute to Phil with a depiction of him in a characteristic pose with his bass guitar and sound waves emanating from it.