Here we go as S&P starts going down the list of all US-related issuers
- Options Clearing Cut to AA+ From AAA by S&P, Outlook Negative - there goes no counterparty risk
- Natl Securities Clearing Cut to AA+ from AAA by S&P, Outlook Neg - there goes no clearing risk
- DTCC Cut to AA+ from AAA by S&P, Outlook Neg - there go all your stock certificates
Many, many, many more coming, not least of all will be 7,000 muni issuers. Watch those copulas ladies and gents. And for those at various CVA desks: our condolences. You are about to have a very, very ugly day.