The sheer volumes of outstanding CDS contracts -- and the fact that they trade directly between institutions, without centralized clearing -- intertwined the fates of many large banks and brokerages.

 
  • 發(fā)行在外的大量信用違約掉期合約,加上它們在機構間直接交易、缺乏集中化清算的事實(shí),讓許多大銀行和經(jīng)紀商的命運交織在了一起。
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