GFI Group (GFIG) specializes in what are known as credit default swaps. For those who are unfamiliar with the term, a credit default swap is a derivative contract where one party sells another an insurance policy against a 'credit event' (debt default, missed coupon payment, etc.) occurring. As the chart below illustrates, GFIG has directly benefited from rising levels of risk in the credit markets. Maybe a good investment idea for those on ET who expect further credit crunch and rising corporate default rates... http://bespokeinvest.typepad.com/bespoke/2007/12/a-financial-sto.html