Introduction

Equity derivatives dealers are dragging themselves off the floor after what was, for many, a disastrous 2008. Surging volatility and correlation, coupled with plunging dividend expectations, caused massive losses on exotic hedge books. Then, the collapse of Lehman Brothers left structured notes investors out of pocket, causing many to flee the structured products market and those that remained to focus on counterparty credit risk - something that also hit the relatively new exchange-traded note

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