The working assumption when this article was commissioned was that treasury management systems (TMS) suppliers would not be able to offer an effective solution to the treasurer wanting to engage in credit derivative (CD) transactions. Any TMS supplier would therefore be forced to either embark on a lengthy and complex system enhancement process or provide a Blue Peter-style solution/workaround using Excel and double-sided sticky tape. In common with all good treasurers, we would like to hedge our bets and argue there are two sides to this story.