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Presenting The 'London Whale' Chart

|Includes: JPMorgan Chase & Co. (JPM)

Much of the $2 billion+ loss JPMorgan Chase is currently suffering at the hands of a complex, oversized hedge that went terribly wrong is due to its positions in a little known derivatives index called "CDX.NA.IG.9." The IG.9 is an index composed of credit default swaps linked to the credit quality of a collection of companies in North America. Here's its chart:

CDXBasis.jpg

For probably the most comprehensive report on JPMorgan's fiasco, read this Financial Times article.