Morgan Stanley is mystery buyer of Natixis CDS portfolio

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Natixis announced on July 5 it had disposed of most of the complex credit derivatives exposure contained in its Gestion Active des Portefeuilles Cantonnés (GAPC) portfolio, to a banking counterpart. The French bank has refused to name the buyer, but market sources claim it is Morgan Stanley.

The US bank also refuses to comment but is understood to have purchased the bulk of an €8.6 billion credit derivatives portfolio, contained in Natixis' GAPC structure – a portfolio of trades that the French

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