All fall down

CDS Settlement

September 2008 is likely to become regarded as one of the grimmest and most volatile months ever experienced by Wall Street and financial markets generally, with the possible exception of the 1929 crash. As dramatic as such an observation may seem, the events of the past month tell their own story.

With the collapse of a major dealer, derivatives counterparties have been forced to quickly assess the size of their exposures, unwind trades where possible and find new counterparties with which to re

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