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Nothing if not an opportunist, the analyst offloaded his inventory directly to disappointed jazz aficionados, for £40 a clip, and realised at once that he could earn a handsome risk-free yield, by setting up a term exchange between this emporium and ''SoundWavez'' Chingford — where Chingford supplied Jarrett and Soho supplied Astley. The Soho proprietor agreed and the first [[credibility swap]] transaction was executed. | Nothing if not an opportunist, the analyst offloaded his inventory directly to disappointed jazz aficionados, for £40 a clip, and realised at once that he could earn a handsome risk-free yield, by setting up a term exchange between this emporium and ''SoundWavez'' Chingford — where Chingford supplied Jarrett and Soho supplied Astley. The Soho proprietor agreed and the first [[credibility swap]] transaction was executed. | ||
Thus, also, was born on the first “[[credibility pair]]”: ''[[Keith Jarrett]] and [[Rick Astley]]'' (ticker: KJA:RAS). In an orderly and functioning market, they are naturally negatively taste-correlated artists. Later exchange-traded credibility pairs emerged such as ''Billy Ray Cyrus and Radiohead'' (ticker: BRH:RHD), ''[[Toto]] and Grandmaster Flash'' (ticker: TOT:GMF) and, notoriously, Gary Glitter and Rolf Harris (ticker:GGL:ROL), which caused enormous losses when a long and apparently stable negative correlation inverted unexpectedly in 2014. | Thus, also, was born on the first “[[credibility pair]]”: ''[[Keith Jarrett]] and [[Rick Astley]]'' (ticker: KJA:RAS). In an orderly and functioning market, they are naturally negatively taste-correlated artists, and such pairs are a benchmark for marking plausibility curves to market. Later exchange-traded credibility pairs emerged such as ''Billy Ray Cyrus and Radiohead'' (ticker: BRH:RHD), ''[[Toto]] and Grandmaster Flash'' (ticker: TOT:GMF) and, notoriously, Gary Glitter and Rolf Harris (ticker:GGL:ROL), which caused enormous losses when a long and apparently stable negative correlation inverted unexpectedly in 2014. | ||
===Growth of market=== | ===Growth of market=== | ||
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. | 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. |