Credit Derivatives: Focusing on the Indian Credit Derivatives Market is a comprehensive treatise authored by K Vaidyanathan, published by McGraw Hill Education (India) Private Limited in June 2014. This book offers an in-depth exploration of credit derivatives with a strong focus on the Indian market. It spans 446 pages and delves into the valuation and pricing of various credit derivative instruments, their trading, structuring, cash and physical settlement, ISDA documentation, FAS and IFRS accounting treatment, and regulatory guidelines.

The book uses real-world case studies to provide an all-inclusive overview of both the global and Indian credit derivative market. It covers the auction and settlement process in the event of a default, including recent market changes such as the big-bang and small-bang protocols. Contributing experts highlight its significance: Professor Sanjiv Das commends it as “a really comprehensive [and] thorough treatise,” while Professor Suresh Nair praises its introduction to credit derivatives.

According to G. Gopalakrishna, Director of the Centre for Advanced Financial Research and Learning (CAFRAL), Reserve Bank of India, the book is a significant contribution to finance literature. Similarly, Professor Rajesh Chakrabarti calls it “a timely and much-needed volume” essential for students, practitioners, and policymakers. N. S. Venkatesh, Executive Director at IDBI Bank, further emphasizes its importance, stating that bankers have been searching for such a resource.

With detailed insights into the credit derivatives market in India, this book is indispensable for risk managers, traders, investment bankers, and policymakers. It serves as an essential guide for students and teachers of finance, making it a must-read for all serious practitioners of finance.