As 2012 drew to a close, Goldman Sachs was involved in the first trades using the new standardised credit support annex (CSA), a document that had been in the works for two years. That was entirely appropriate. Goldman played an active part in the design of the new CSA, and it stemmed from a radical change in risk management and valuation practice that the US bank was first to embrace, back in 2007.
The bank has never taken credit for that publicly and still shies away from it today. In part,
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