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The collapse of Lehman Brothers in September sent derivatives traders scrambling to work out their exposures to the failed broker-dealer. Coming so closely on the heels of the conservatorship of Fannie Mae and Freddie Mac, and followed by technical defaults at Washington Mutual, Kaupthing, Landsbanki and Glitnir, the events at Lehman Brothers meant market participants had some sleepless nights sifting through outstanding trades and collateral to work out who owed what to whom.
While the default
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