14. A credit default swap is a credit derivative providing participants in the credit derivatives market with a mechanism to effectively insure against credit risk. The Protection Buyer within a credit derivative transaction pays a premium in exchange for protection from a credit event. Under the terms and conditions of a Credit Default Swap, credit events that are explicitly afforded protection by the transaction are:

A. The mark to market loss on a credit security resulting from an increase in its credit spread as the result of a deterioration in its credit quality.

B. Bankruptcy or insolvency of the organisation issuing the debt security or the failure of the reference entity to make due payments under the terms and conditions of the security

C. Restructuring of the debt securities where creditors are placed in a significantly worse off position

D. B and C

E. A, B and C