Which of the following statement is incorrect regarding credit default swaps? O A CDS is a contract in which a CDS buyer pays the issuer of the underlying bond in exchange for a compensation payment in the event that the issuer fails to make full and timely payments of interest and/or principal. O Bondholders could use CDS to hedge against credit risk. The maturity of a CDS contract can be shorter than the maturity of the reference obligation O Speculators could use CDS to bet on credit worthiness of an issuer relative to implied market prices