Credit Default Swaps (CDS) have existed for decades before the financial crisis unleashed in 2008. Despite this, it was at this event that CDS became known in a relevant way to the entire world. In Colombia, financial derivatives such as CDS are highly limited. This paper addresses the structure and financial operation of a CDS as a result of an extensive review of the literature, the regulatory framework in different regions of the world, and international organizations that have promoted its standardization. Finally, the scope and treatment that this product has had within the Colombian legal system is analyzed.