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Gold/Mining/Energy : Blue Chip Gold Stocks HM, NEM, ASA, ABX, PDG

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From: Wade	9/8/2009 12:11:22 PM
	of 48092

CDS Dealers Agree to Clear 80% of Eligible Trades in Octobe bloomberg.com By Shannon D. Harrington Sept. 8 (Bloomberg) -- Wall Street banks including JPMorgan Chase & Co.,Goldman Sachs Group Inc. and Barclays Plc committed to process 80 percent of all eligible credit-default-swap trades starting in October through clearinghouses designed to prevent a chain of dealer defaults. The banks also agreed to clear 70 percent of new eligible interest-rate derivatives trades starting in December, according to a letter to regulators that was signed by 15 firms and released today by the Federal Reserve Bank of New York. Regulators have been pressing for much of the existing $592 trillion market in over-the-counter derivatives trades to be moved to clearinghouses to reduce risk to the financial system. The push by the Fed and other regulators for greater regulation of the OTC markets follows the collapse last September of Lehman Brothers Holdings Inc., one of the largest credit-swaps dealers, and the U.S. rescue of American International Group Inc. after it made bad bets on mortgage- linked securities using credit-default swaps. Both are based in New York. The privately traded, largely unregulated contracts complicated government efforts to assess systemic financial risk because no one knew how interconnected the banks had become. How many % of that $592 trillion is "Eligible"? Who can afford to lose a few trillion here and a few trillion there?

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