AnonymousAlso

Settlement Auction for Lehman CDS: Surprises Behind

Maybe Morgan & Goldman as part of this deal to become BHC are minimizing their particpiation in this area? Goldman just got $10 billion + and one would guess Buffet who appears to dislike these kind of things would have looked carefully.

In addtion the centeral warehouse / clearinghousefor CDS comments that the net transfers on Lehman will only total about $6 billion. Does that jib with what you see?

Lehman's Loss: More Than $200 Billion

How often are CDS marked to market? Every day? Every week? Every month? How often are payments exchanged? Only at settlement? That is in this case 10/21? Or have payments been exchanged thru the lifetimes of the contracts at periodic points?

The CME's CDS exchange marks to market twice a day?