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A CDS was quoted as 350 bps on March 20th, 2019. The standard premium (spread) was 500 bps. The upfront payment made on March 20th,

  1. A CDS was quoted as 350 bps on March 20th, 2019. The standard premium (spread) was 500 bps. The upfront payment made on March 20th, 2019 should be made from the CDS buyer to the CDS seller or the other way around?

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