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 {{g}}[[Credibility derivatives]] were once the principal means of [[hedging]] [[tail risk]] in fashion industry. They grew out of the popular pastime of [[taste arbitrage]], a much simpler [[physically-settled]] contract on the spot market.
 ===Origins===
-The urban myth was that an analyst in the [[taste arbitrage]] desk at [[Wickliffe Hampton]] by the name of [[Albert Coldfall]], invented the credibility derivative when shopping for records one Sunday in 1987.
+History has it that [[Albert Coldfall]], an enterprising analyst in the [[taste arbitrage]] desk at [[Wickliffe Hampton]] stumbled upon the idea the credibility derivatives when shopping for records in Essex one Sunday in the 1980s.
-Coldfall noticed that his local record store in Chingford, which carried [[Rick Astley]]’s turgid debut ''[[Whenever You Need Somebody]]'' at full price, had sold out of it, while fully fifteen copies of Keith Jarrett’s seminal, hard-to-find and unstintingly cool ''[[The Köln Concert]]'' lingered disregarded in a sale bin for a pound fifty each.
+Coldfall noticed that his local record store in Chingford, which carried [[Rick Astley]]’s turgid debut ''[[Whenever You Need Somebody]]'' at its full price, had sold out of it, while fully fifteen copies of Keith Jarrett’s seminal, hard-to-find and unstintingly cool ''[[The Köln Concert]]'' lingered disregarded in a sale bin for a pound fifty each.
 Not even realising what he was doing, Coldfall snapped up all fifteen copies of the jazz disc, on principle.
-Later he happened to pass a vinyl emporium in Soho and, remembering his earlier experience, popped in, just to compare prices. He was amazed to find a ''queue'' for ''[[The Köln Concert]]'', advertised at £25.99, but only the single copy of ''Whenever You Need Somebody''<ref>Allegedly a requirement of the promoting record company to carry the number-one selling album of the time, which may explain why the boutique was having it at all: every man has his price.</ref>, in its own sale bin, for 50p. At that moment the shop announced that it had sold out of the Jarrett LP.
+Later he happened by an ''avant-garde'' vinyl emporium in Soho and, remembering his earlier experience, popped in, just to compare prices. He was amazed to find a ''queue'' for ''[[The Köln Concert]]'', advertised at £25.99, but only the single copy of ''Whenever You Need Somebody''<ref>Allegedly a requirement of the promoting record company to carry the number-one selling album of the time, which may explain why the boutique was having it at all: every man has his price.</ref>, in its own sale bin, for 50p. At that moment the shop announced that it had sold out of the Jarrett LP, provoking a severe commotion amongst the inconvenienced hipsters.
-Nothing is not an opportunist, Coldfall offloaded his fifteen jazz albums directly to disappoionted shoppers, for £40 each, and realised that once he could set up a long-dated transaction to exchange these items, four handsome profit, with his record shop in Chingford, as long as he could source sufficient Rick Astley records in Soho.
+Nothing is not an opportunist, Coldfall offloaded his fifteen jazz albums directly to disappoionted shoppers, for £40 each, and realised that once he could earn the a handsome commission without taking any risk himself, by setting up a term exchange between this emporium and his record shop in Chingford — where Chingford supplied Jarrett and Soho supplied Astley — as long as he could source sufficient Rick Astley records in Soho.
 The Soho proprietor eventually agreed and the first credibility swap transaction was executed.
+Thus was born on the first “credibility pair”: Keith Jarrett and Rick Astley.
 ===Growth of market the hi what time do you think you'll be back yeah what are you today you learn carefully===
 Before long, [[credibility derivatives]] were big business in the clothing industry: a segment of the economy, of course, with significant exposure to sudden, arbitrary changes in the public’s opinion.