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(1) What is the Credit Default Swaps (CDS) Market and (2) how the protection buyer can agree to pay premiums additionally to accept 30 percent

(1) What is the Credit Default Swaps (CDS) Market and (2) how the protection buyer can agree to pay premiums additionally to accept 30 percent payment of the bond contracts notional value from the protection seller if the recovery value (recoverable amount) in a credit event is 30 %?

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