2008-10-12 — ml-implode.com
The net fund transfers from CDS protection sellers to CDS protection buyers is expected to be in the $6 billion range, according to a release issued yesterday by the Depository Trust and Clearing Corporation (DTCC). With $400 billion of outstanding CDS on Lehman’s debt, $6 billion of actual losses is far smaller than many had feared. How could the losses have been so well-contained? It appears financial firms may have done something right for a change, hedging their exposures to Lehman CDS appropriately.
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