• 04 Nov 2008 at 2:07 PM

A Historic Day

By Equity Private

Of course, history will be made today. After a long buildup, today is the big day. Can you feel the anticipation? We can. You will have to wait until this evening for your release, though.
Of course, we refer to the release by the DTCC of CDS information at 5pm Eastern time today.

Comments (15)

  1. 1
    Posted by guest | November 4, 2008 at 2:13 PM

    mmmm….cds humor. i see what you did there.

  2. 2
    Posted by guest | November 4, 2008 at 2:15 PM

    Can anyone explain why a centralized transparent exchange for CDS would be so difficult to create when CDS are simply options on bonds?

  3. 3
    Posted by guest | November 4, 2008 at 2:15 PM

    Why at 5pm? Why not at 3:50pm?

  4. 4
    Posted by guest | November 4, 2008 at 2:18 PM

    #2: dealers make lots of money crossing CDS. These profits would dry up with an open exchange therefore it’s in their best interest to try to delay as long as possible.

  5. 5
    Posted by whatelseisgoingon | November 4, 2008 at 2:19 PM

    @2, because that would take the marking ability out of the hands of the trading desk, and I would suspect that there may be a few mismarked books out there due to the lack of liquidity. Kind of like the tobacco lobby, everyone knows it isn’t right, but they keep people employed

  6. 6
    Posted by guest | November 4, 2008 at 2:23 PM

    4,5: Aren’t most of these CDS dealers guys who used to deal in cash bonds and were displaced by Trace? Guess they will just have to invent CDSx2 or something

  7. 7
    Posted by guest | November 4, 2008 at 2:26 PM

    @6: exactly. Trace did away with a bunch of bond guys. DTCC’s CDS list will do away with more.
    On Wall Street, the less transparency, the more profits (and vice versa).

  8. 8
    Posted by guest | November 4, 2008 at 2:44 PM

    *an historic

  9. 9
    Posted by guest | November 4, 2008 at 2:44 PM

    thanks for saying “a historic” and not “an historic” as is so trendy (and wrong) these days.

  10. 10
    Posted by guest | November 4, 2008 at 3:13 PM

    Epic is the new historic, misused though it be.

  11. 11
    Posted by guest | November 4, 2008 at 3:30 PM

    “an historic…” is correct. Just as correct as a British oil trader saying, “Shell are long.”

  12. 12
    Posted by EricM | November 4, 2008 at 4:24 PM

    @8/11,
    “An historic” is not correct. “An” is used before words beginning with the letter H only when the H is silent, as in hour. Back to elementary school, both of you.

  13. 13
    Posted by guest | November 4, 2008 at 5:13 PM

    @12,
    It actually depends on how you pronounce “a”. Your silent ‘H’ rule is just a rule of thumb. The point is to disrupt the flow of a sentence as little as possible. Back to acting like the bottom of the class state school grad you are.

  14. 14
    Posted by Seaman Bodine | November 4, 2008 at 5:38 PM

    so – data is posted; merrill and morgan are the largest non-sovereign names…
    and no GS?

  15. 15
    Posted by guest | November 5, 2008 at 6:47 PM

    @13 – based on the pronunciation of “a”??? it’s not a rule of thumb; it’s a rule: you use “an” before a vowel sound and “a” before a consonant sound. if you’re a brit and you pronounce the following word without the “h” sound (“an ‘istoric”), you could argue for the usage. but accents aside, generally “an historic” is wrong.

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