No silver bullet

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In one way or another, I have been involved with counterparty credit exposure management for more than 15 years. During most of that period, you could not buy credit protection for the uncertain exposure implicit in a reference swap to a third party. Credit derivatives desks had no way to deal with that type of trade. The irony, however, was that the third party could call the swaps desk across the trading floor and the same bank would be perfectly happy to take on the identical credit risk

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