Dunkle Schatten
Die boomenden OTC-Derivatemärkte bringen den Händlern zwar beachtliche Einnahmen, aber wegen des Kontrahentenrisikos werfen sie auch dunkle Schatten auf die Buchgewinne. Sind Contingent Credit Default Swaps die Antwort?
Navroz Patel
Zu den undurchsichtigsten und überaus gefürchteten Aspekten des OTC-Derivatemarkts zählt das Management des Kontrahentenrisikos. Bei den meisten großen Unternehmen beläuft sich der Gegenwartswert der Engagements auf hunderte von Millionen Dollar - mehr als genug also, um die Erträge empfindlich zu schwächen, träte der Risikofall je ein. Die meisten Händler meinen - ob zu Recht oder
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