Archive - Jan 25, 2009
Weekly CDS Change Update Per DTCC
Submitted by Tyler Durden on 01/25/2009 21:49 -0500As CDS traders are aware, two months ago, or about the same time Chris Cox wanted to turn everyone that had even the remotest connection to trading CDS into soap, the DTCC started disclosing everything it knows (not all that much) about the CDS market on a weekly basis. At Zero Hedge, we are starting a weekly column that looks at the net additions and reductions, and ergo, net change in the CDS market, from both a notional and contractual point of view, based on DTCC data.
Weekly CDS Change Update Per DTCC
Submitted by Tyler Durden on 01/25/2009 21:49 -0500As CDS traders are aware, two months ago, or about the same time Chris Cox wanted to turn everyone that had even the remotest connection to trading CDS into soap, the DTCC started disclosing everything it knows (not all that much) about the CDS market on a weekly basis. At Zero Hedge, we are starting a weekly column that looks at the net additions and reductions, and ergo, net change in the CDS market, from both a notional and contractual point of view, based on DTCC data.
Was Merrill Casualty #3 of The Basis Trade After DB Prop and Citadel
Submitted by Tyler Durden on 01/25/2009 14:48 -0500In a bet gone very bad, that if true would make Jerome Kerviel's $5 billion loss at Soc Gen seem like amateur hour, the WSJ reports ($$$ link with hat tip to portfolio.com) that the main reason for Merrill's massive $15 billion Q4 loss was due to some very large basis trades gone horribly wrong.
Was Merrill Casualty #3 of The Basis Trade After DB Prop and Citadel
Submitted by Tyler Durden on 01/25/2009 14:48 -0500In a bet gone very bad, that if true would make Jerome Kerviel's $5 billion loss at Soc Gen seem like amateur hour, the WSJ reports ($$$ link with hat tip to portfolio.com) that the main reason for Merrill's massive $15 billion Q4 loss was due to some very large basis trades gone horribly wrong.


