The General Motors and Ford Motor Company downgrades in early May are a good example demonstrating how dealers are playing catch-up to the market they created. At the time, the resulting dislocation between equity and mezzanine tranches prompted some dealers to rethink their correlation models, illustrating how the credit derivatives market is growing faster than banks' and investors' risk management tools.

And with trading volumes climbing ever higher, the backlog of unconfirmed trades has a

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