Portfolio compression: The pressure's on

The compression of CDS contracts has come a long way in a relatively short time. The first termination cycle was executed in the early part of 2005 and then took a couple of years to catch on with a lot of banks. But by the end of 2008 the procedure had been largely responsible for the 38% reduction of notional principal outstanding from $62.2 trillion at the end of 2007 to $38.6 trillion.

Indeed, following the fifth and most recent meeting between the Federal Reserve Bank of New York and the

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