Up to now, institutions actively participating in the credit risk transfer market mainly include universal banks, commercial banks, securities firms, insurance companies and investment funds. There are many motives for banks to participate in credit risk transfer, and it is difficult to evaluate their relative importance. Investors' demand for credit risk transfer products reflects the role of several factors: one is the natural extension of its existing business; One is the lack of correlation with its existing business, that is, the correlation between credit risk and main business risk is low. For investors involved in credit risk business, their value lies in obtaining the form of risk/return, which is not available in more familiar tools such as corporate bonds. For institutions with less cash and high financing costs, CDSs opens up the possibility of obtaining fee income through non-capital transactions. A few universal banks are the main intermediaries and arrangers of portfolio transactions in the credit risk transfer market, and they play a key role as repackagers. These institutions are increasingly involved in underwriting portfolio credit default swaps. As an intermediary, its assets and liabilities are matched, although they may not match in some instruments, such as transferring credit risk through portfolio transactions and bearing it through a single CDs, bond or loan. At present, the basic reason for its participation in the credit risk transfer market is to obtain commission income through financial engineering. Universal banks are also important risk transferers. They use ABS and CDO to transfer the risk of corporate and customer loans. Commercial banks undertake and transfer risks in credit risk transfer transactions. At first, the motivation of commercial banks to use portfolio transactions (ABSs and CDO) was to reduce the required regulatory capital or financing costs. However, with the development of the market, banks increasingly use credit risk transfer to manage credit risk at the level of individual loans and loan portfolios. Commercial banks are also important risk takers, such as using credit default swaps to provide protection, buying loans and investing in credit default swaps and asset-backed securities sub-documents, which are driven by their desire to diversify their credit portfolios and in some cases to obtain fee income. Brokers are important intermediaries, with matching assets and liabilities, similar services and business motives as universal banks as intermediaries and repackagers.

Insurance companies are the biggest credit risk takers outside the banking system, but its overall credit risk exposure is difficult to judge according to the existing data. In addition, different types of insurance companies participate in different ways. Life insurance companies are important investors in portfolio trading parts (such as ABS, CDO and asset-backed commercial paper), including the main parts with higher risks. Life insurance companies have always been the main investors in financial assets, although there are important differences in the composition of typical portfolios among countries. This also means that the familiarity with credit risk and its management is different. Although the obvious low interest rate makes the insurance company's investment transfer to assets with higher returns, it is still unclear whether its involvement in the credit risk transfer market has improved its overall investment risk or how to change its credit risk pattern. Some large comprehensive insurance companies and reinsurance companies bear non-contributory credit risks, which they think will help to spread the risks generated by their insurance portfolios and obtain higher yields than some traditional insurance businesses. The new risk management challenges faced by insurance companies largely depend on the nature of their traditional business and the composition of related asset portfolios.

Managed investment funds (such as pension and super annuity funds, mutual funds and hedge funds) are also important risk takers of investment loans and portfolio AB. SS, ABCP and CDO. Debt funds (including hedge funds) specialize in acquiring loans below the original price. The flexibility of CDO and portfolio CDO in allowing portfolio design according to investors' preferences has become an important consideration. In some countries, the growth of the managed fund market caused by the introduction of private pension plans will further promote the growth of credit risk transfer. Convertible bond hedge funds are also important transferers of credit risk. They use CDs to isolate embedded stock options.

At present, non-financial companies hardly use the credit risk transfer market. The most common way to participate is to use ABCP or ABSs to securitize accounts receivable, or to sell accounts receivable to intermediaries managed by financial institutions. Few companies buy credit default swaps or transfer structured debt-backed bonds to expose customers' credit risks. Due to the repackaging of the credit risk transfer market, the technology of transferring risk from the bank's balance sheet can be directly applied to the accounts receivable of non-financial companies in principle, and the participation of non-financial companies in CRT market will increase in the future.