Because they function as insurance on borrowers’ ability to meet their obligations, they make it easier to express a negative opinion on a company or a security. To express a negative view via the CDS market, investors do not need to locate securities to borrow (a prerequisite to shorting), and they risk only a limited premium, while they have the opportunity to gain many times that.
从这个角度来说，CDS是独特的。因为CDS的作用是对于放款人监管义务能力的一种保险，CDS使得公司或者证券的负面信息更容易被传递出来。通过CDS市场传递出来的负面观点，将使得投资者不必借入证券（做空行为的先决条件），他们只需要付出一点有限的期权费用，却有机会获得数倍于期权费的收益。