I got this reference from Joshua Reich, who is doing some interesting things at i2pi
Its an exposition of the recent history and legal and institutional framework of the Credit Derivative and given the imminent re-engineering of the regulatory and indeed market infrastructure for these products its a really useful reference for actually "what goes on" or more accurately 'what went on'.
The Promise and Perils of Credit Derivatives
David A. Skeel Jr.
University of Pennsylvania Law School
University of San Diego - School of Law