Adapt to survive



The collapse of Lehman Brothers on September 15 has caused derivatives traders to rethink their priorities. With a couple of other investment banks looking shaky in the immediate aftermath of Lehman's bankruptcy, counterparty credit risk has shot to the top of the agenda. Dealers saw an initial flood of deals in the weeks following September 15, as former clients of the failed broker-dealer looked to replace hedges, while others looked to reduce risk or unwind trades with counterparties perce