CDS update; May 18th

With Germany's ban on naked CDS contracts and Italy's suspension of mark-to-market accounting in pricing the value of EU bonds, it is needless to say that CDS market responded to the aforementioned decisions with unprecedented volatility and T/W ratios. What will surely be followed by identical action of other EMU nations will make CS market lose much of liquidity provided by naked CDS contracts and will be harder to unwind the trade for the participants in said market. 

Data is provided below with a .pdf attachment [if someone needs/wants to print it] with all values listed.

America

Europe

Asia

Sovereigns 

Volatility 

Expanded data

Values-CDS

Big Movers 170510

Comments

[Panafrican Funk...]

I'm just really curious as to who are the involved parties in AMBAC CDS. 

[Turd Ferguson]

Thanks for this, CB.

Interesting that California continues to creep up. Now at a 20.83% chance of default. 

[snowball777]

I'm sure the CalPERS $600M begging news didn't sit well.

[john_connor]

Re: naked CDS, The US will now have a more limited ability to use Goldman as its foreign policy arm in determining austerity and ultimately sovereignty in European nations.

[Albatross]

CB,

Good stuff as usual.

If I were Merkel, I wouldn't stop until

one of Sarkozy's 'j'taime' French banks go under.

Qui, SocGen I'm talkin to you.

[velobabe]

fuck you and your CHARTS†

[cossack55]

If I understood one tenth of those charts, well, I could work for the TreasDept.  I do know how to download porn. OOps, thats the SEC.  What does the CFTC download?  Thats why I love ZH.  Consensus opinion is much favored over the "experts".  If I ever have any money left over from buying ammo I'm going to donate to ZH. 

[Matto]

Interesting stuff. i sure do go round and round in circles trying to discern the end result of all this. Especially as others in the Euro are likely to do the same.

All i really know is the market normally tanks on this kind of stuff. My only hope - the big financials are left holding the empty bags.

[Mercury]

European sovereigns are the bags that are empty and banning unsecured CDS and naked shorts doesn't change that.

[Gordon_Gekko]

Die CDS, DIE!

CDS market "participants" deserve what they just got, and more. Wait...did somebody say "Goldman can create naked CDS faster than the ECB can print money"? HAHAHAHHHAHAHAHAHAAHAHAAHHAA!!!!

[john_connor]

No doubt.  Good luck finding a counterparty if they still create more Naked CDS

[eccitante]

Thanks CB