22-82 Who are the common buyers of credit forwards?

Question

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Credit forwards are commonly used by insurance companies and banks to manage credit risk in their portfolios. These institutions use credit forwards to protect themselves against potential defaults on the debt securities they hold. The Federal Reserve may also participate in credit forwards as a way to manage risk in the financial system. Stockbrokers and credit unions are not as common buyers of credit forwards.

22-82 Who Are the Common Buyers of Credit Forwards