The financial instruments became increasingly complex and the speed of innovation amplified. Examples included credit default swaps (CDSs) and, in particular, structured credit products, such as collateralised debt obligations (CDOs), backed both by cash instruments, such as primitive securities, loans or asset-backed securities, and by derivative claims, such as CDSs and CDOs themselves.
The expansion of these products had both contributed to, and been supported by a strengthening of the originate-and-distribute (O&D) business model of financial  BIS Review 158/2008  1  intermediation. Rather than holding the credits they originated, credit institutions increasingly sold them off – possibly after repackaging them – to the capital market.