Closing out DVA

Closing out DVA

balance sheet

Financial institutions often consider their own default in the valuation of liabilities, including a so-called debit valuation adjustment (DVA) opposite the credit valuation adjustment (CVA) accounting for the counterparty’s default. DVA is a double-edged sword. On the one hand, it creates a symmetric world where counterparties can readily agree on pricing. On the other hand, its nature creates some potentially unpleasant effects, such as institutions booking profits arising from their own

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