Regular CDS vs. Binary CDS
a) Regular CDS pays out upon credit event occurrence, while Binary CDS pays out a fixed amount if the credit event occurs.
b) Regular CDS has a fixed notional principal, while Binary CDS has a variable notional principal.
c) Regular CDS has multiple reference obligations, while Binary CDS has only one.
d) Regular CDS involves multiple counterparties, while Binary CDS involves only two counterparties.