Dealers face New Year hangover

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During the next few weeks, millions of people will venture towards 2006 with honourable intentions to enact bold and sometimes hastily conceived New Year's resolutions. For many, the tradition is a well-travelled path paved with broken promises to exercise more, lose weight, stop smoking, cut down on alcohol, eat a healthier diet or make new friends.

In early October, 14 of the major dealers in the credit derivatives industry, including JPMorgan, Goldman Sachs, Deutsche Bank, Morgan Sta

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