-->"Counterparty risk in the CDS market lies with the sellers of protection, or the insurers of risk. Banks are the primary sellers of CDS, totaling 40% of all written CDS and representing notional exposure of $18.2 trillion.[xv] Banks claim to run hedged books, effectively serving as a market-maker in the CDS market. As should be evident from the events in subprime, even the most sophisticated systems are often unable to fully hedge risks of this size and degree of complexity. If printed materials are any indication, banks may be asleep at the switch. The"Counterparty Considerations" section in the Credit Derivatives Primer of market share leader JP Morgan is a single paragraph on the last page of the volume, which proclaims"the likelihood of suffering (counterparty default) is remote."

Was für die Kredit-Risiken gilt, gilt auch für die Währungsabsicherung. Irgendwann... egal wieviele Derivate ich aufeinander stapel... muss jemand die Geldbörse aufmachen und liefern. Ich vermute, die Stillhalter sind über ein paar Ecken die gleichen, die sich abgesichert haben. Dann wären die Hedges alle Schall und Rauch...

Viel Grüße

Sam
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