[FRM]阅读清单-小白看不懂，求有实务的帮忙解答

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[背景] 报了5月的FRM一级，在备考指南里，GARP 强烈推荐了一个阅读清单，小白我发现竟然看不懂 特来坛子上打个酱油，懂的童鞋还请帮忙解读一下。
[科目] foundations of risk management
[教材][ the essentials of risk management] Chapter 1[a helicopter view]


Credit risk is the risk that a change in the credit quality of a counterparty will affect the value of a security or a portfolio.
Default, whereby a counterparty is unwilling or unable to fulfill its contractual obligations,is the extreme case;
however, institutions are also exposed to the risk that a counterparty might be downgraded by a rating agency.

信用风险是指交易对手的信贷质量的变化将影响证券组合的价格。
违约，即交易对手未完成合约义务，是信用风险的一种极端情况。
然而，机构也存在交易对手被降级的风险。

这段话的意思就是，违约风险是信用风险最严重的一种咯？

那实务中，什么才是不严重的信用风险呢？

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关键词：FRM 看不懂 counterparty Institutions Foundations FRM 信用风险

Credit risk is an issue only when the position is an asset, i.e., when it has a positive replacement value. In that situation, if the counterparty defaults, the firm loses either all of the market value of the position or,more commonly, the part of the value that it cannot recover following the credit event. (The value it is likely to recover is called the recovery value,or the recovery rate when it is expressed as a percentage; the amount it is expected to lose is called the loss given default.)
信用风险只在头寸是资产时才有影响，即资产有正的重置价格。在这种情况下，如果交易对手违约，公司将损失头寸的全部市场价值，或更常见的是，在该违约发生后不能恢复的价值。（可以恢复的价值叫做回收价值，用百分比表示是回收率；预期损失的价值叫做违约损失率）
LDG：loss given defalt-违约损失率（曾有个斯坦福的帅哥来讲金融模型课，讲到末尾一大哥问我，LDG是什么。。。。。）

很想问问各位大侠，position在这句话里是啥意思？
Credit risk is an issue only when the position is an asset,

Unlike the potential loss given default on coupon bonds or loans, the one on derivative positions is usually much lower than the nominal amount of the deal, and in many cases is only a fraction of this amount. This is because the economic value of a derivative instrument is related to its replacement or market value rather than to its nominal or face value.
与固定收益债券或贷款潜在的的违约损失不同，衍生品的头寸违约损失通常远低于交易的名义价格，并且在很多情况下只是损失一部分。这是因为衍生产品的经济价值与重置价值/市场价值有关，而非名义/账面价值。



However, the credit exposures induced by the replacement values of derivative instruments are dynamic: they can be negative at one point in time, and yet become positive at a later point in time after market conditions have changed. Therefore, firms must examine not only the current exposure, measured by the current replacement value, but also the profile of potential future exposures up to the termination of the deal.

接着看 慢慢你就能体会出来什么是position了
大致意思就是持有的头寸