Denkt daran, der Markt ist mehrere 100 Billionen USD schwer, und schon wenige Prozent failure summieren sich auf einige 1000 Milliarden.

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a2IxAQbg2cUM

`A Horror', if BSC defaults

`A Horror'

``Bear Stearns is a big counterparty in the credit derivatives universe,'' said Jochen Felsenheimer, head of credit strategy at UniCredit SpA in Munich. ``If it were to default, definitely that situation is a horror. There would be huge distortions in the market. That is why the monetary authorities are trying to avoid any failure of banks.''

Barclays Capital analysts last month estimated that if a financial institution that had $2 trillion in credit-default swap trades outstanding were to fail, it may spark between $36 billion and $47 billion in losses for those that traded with the firm. That doesn't include ``large, potentially concentrated'' market value losses others would face, the analysts, led by Arup Ghosh in London, wrote on Feb. 20.

http://search.bloomberg.com/search?q=Jochen+Felsenheimer&site=wnews&client=wnew...