Saturday, November 8, 2008

CDS: Differential Diagnosis

It is interesting to read these two pieces as a pair:

For reference/background, The industry initiative: DTCC Deriv/SERV Trade Information Warehouse Reports

Offhand, the Fed's proposal looks very dealer-centric (what about non-dealers?). Also, toothless (what if an institution misses its 'goals')?

The net exposures calculations done by Bernstein are another datapoint in the mystery of how/why Lehman failed, I guess. One wonders from whom Bernstein got their data on the company ...

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