Derivatives House of the Year - JP Morgan

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A glance at the contrasting fortunes of the major derivatives dealers over the past year tells its own story. A few - Bear Stearns and Lehman Brothers - have perished, having succumbed to mushrooming subprime losses and a famine in liquidity. Others saw their credit default swap (CDS) spreads blow out by hundreds of basis points as counterparty credit risk became the number-one concern in the weeks following the collapse of Lehman Brothers on September 15. With stock prices on financial institut