In the past， prices of credit default swaps (the most basic type of credit derivative) were calculated from corporate bond spreads， which supposedly reflect the same credit risk. Unfortunately， calculated prices frequently diverged from actual prices. To improve CDS price data -- a key part of the market infrastructure -- QUICK Corp. and NLI Research Institute have jointly developed a CDS pricing model that incorporates actual CDS market price data. The theoretical prices obtained from the model closely approximate market CDS premiums. We believe that improving the accuracy of CDS pricing will contribute to the development of the CDS market.