TD: Yet of course, this is merely just another pretext for the SEC to deflect allegations about its utter uselessness, with claims that "lack of such information hampered its efforts to investigate potential fraud and market manipulation in the over-the-counter (OTC) derivatives http://www.zerohedge.com/article/sec-be ... nalmarkets
during last fall’s financial crisis." Well, duh. The SEC is finally realizing that the credit market is, oh, about 10 times bigger than equities, and that virtually everyone trades CDS now over cash products.
Reduce Levels of Outstanding Trades via Portfolio Compression. Market participants continue to reduce the number of outstanding CDS trades through multilateral trade terminations (tear-ups) which lowers outstanding notional amounts, reducing counterparty credit exposures and operational risk. Regulators have instructed firms to maximize the efficiency of trade terminations in CDS tear-ups and have begun monitoring the detailed results to ensure the fullest participation. <--markit data strips
Yours Sincerely from the Senior Managements of: http://www.newyorkfed.org/newsevents/ne ... 81031.html
Bank of America, N.A. HSBC Group
Barclays Capital JP Morgan Chase
BNP Paribas Merrill Lynch & Co.
Citigroup Morgan Stanley
Credit Suisse The Royal Bank of Scotland Group
Deutsche Bank AG Société Générale
Dresdner Kleinwort UBS AG
Goldman, Sachs & Co. Wachovia Bank, N.A.
After they get whatever they deserve life can go on and the Credit markets can function. This may thaw some money to SBA and real funding that is needed. Given the coruption that still needs to removed I kind of doubt it.
You just can't make this stuff up how far behind the SEC is.http://economicedge.blogspot.com/2009/1 ... pires.html
The only cost is the destruction of its own society