It is interesting to read these two pieces as a pair:
- CDS Didn't Bring Down Bear and Lehman (including comments section)
- New York Fed Welcomes Further Industry Commitments on Over-the-Counter Derivatives
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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