Credit Default Swaps & Lehman Collapse

[eliquant]

Didn't JP Morgan have a load of CDS on the books and didn't they sell them off temporarily or permanently just to get them off their books when profit announcements were coming out ?

[BrilloPad]

of the 750bln citibank were the biggest with ~150bln

data was in torygraph this morning.

there was no division into asset types though.

[sappatz]

lehman

Lehman was counterparty in 750 bln USD of derivatives, among them CDS, CDOs and such
In the world there are 50 trillion of CDS in circulation
there was talk of various bank exposures to lehman assets (bonds, equity, derivatives) from various fund and banks today

There was an emergency meeting of ISDA on sunday for netting CDS positions (to avoid disruptions as much as possible)

[moorfield]

Anybody heard who the big losers were after the Lehman collapse in the CDS markets?

News wires have been remarkably quite about it, but I'd have thought the exposure worldwide was massive?

Nobody knows. The CDS markets are only a few years old and yet to experience anything resembling even a mildly wobbly patch.

[Moscow Mule]

Anybody heard who the big losers were after the Lehman collapse in the CDS markets?

News wires have been remarkably quite about it, but I'd have thought the exposure worldwide was massive?