The secret history of the OIS discounting bonanza

The Wild West


The fact that swaps traders at Goldman Sachs and a handful of other dealers made a lot of money in 2008 and 2009 as a result of the industry’s switch to collateral-based valuation is an open secret. Exactly how they did it, and how much they made, has never previously been revealed.

Thanks to a host of interviews with current and former traders on the buy- and sell-side, this month’s cover story sheds some light on what was arguably the most dramatic change in the history of the over-the-counter

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