Balon 600 bilionów dolarów derywatów jest czymś, co wisi nad rynkiem jak bomba z
opóźnionym zapłonem, o czym mało kto wie i jest w ogóle w stanie pojąć jaka to
wielkość.... O zagrożeniu z nim związanym wspominał Bank Rozrachunków Międzynarodowych w
Bazylei w swoim ostatnim raporcie. To tak gwoli przypomnienia w jakim świecie my
żyjemy...

Central clearing of privately traded derivatives contracts won't be enough to make the
$600 trillion sector safe, while clearing of some bespoke trades may not be desirable,
the Bank of International Settlements said. The lack of transparency in parts of the
over-the-counter (OTC) derivatives market has alarmed regulators, particularly after U.S.
insurer AIG (AIG.N) nearly failed last September when it faced massive collateral calls
on contracts. Lehman Brothers and Bear Stearns were also involved in OTC derivatives and
when they crashed last year market participants did not know their exact exposures to the
two banks. The G20 group of countries agreed in April that credit default swaps, an
insurance-type derivatives product at the heart of AIG's problems, should be centrally
cleared. A central counterparty (CCP) is widely seen as reducing risk and improving
transparency in markets by ensuring there is a default fund at hand in case one side of a
trade fails. Clearing of CDS contracts has already begun in the United States and the
European Union but the BIS' latest quarterly review said on Sunday this is not enough.
"The introduction of CCPs alone, however, is not sufficient to ensure that OTC
derivatives markets operate efficiently and remain resilient," the review said.