Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: smolejv@gmx.net who wrote (13754)	1/21/2002 12:38:33 PM
From: LLCF	Read Replies (1) of 74559

I haven't really been following the JPM numbers, high exposure for sure, IMO the important thing is how the "netting" works when they unwind this stuff. So If JPM is long a million barrels of oil [on paper] on a contract with ENE who is long from PWI [Canadian oil trust]... is ENE netted out of the equation??? Or is everyone going to try and enforce their winning ends and bail on their losers??? There are certainly lots of producers short to ENE reporting their exposer. Sounds win win for the banks, if that contract is a loser for ENE they default to PWI and pay up to JPM??? Also, is this 'netting' stuff only for banks?? Going to be interesting. DAK

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