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Oh no! Call the cops, quick!

Net buyer/seller of what?

Well, people had all sorts of random reactions to the first ISDA ruling. Some of the stuff written on the subject was downright silly. In the end, I don't think that there was anything particularly unreasonable about the process.

Awwwwwww, I am touched by your sympathy... So what's the new deadline?

Yeah, but this wasn't any sort of an official request for determination... It was just the ISDA legal counsel issuing a preliminary opinion. As we have seen, once PSI actually occurs, someone goes to ISDA for an official decision. Moreover, you have to keep in mind that the restructuring...

Last I checked was smth like 17 cents. As to the CDS, how could it have triggered last year? There were no events last year where a mkt participant went to ISDA to request a determination.

ISDA has published the list of deliverable bonds on its website. The 2042s were the CTD, last I checked.

Nah, $3bn (actually, it's more like $3.5bn) is the total notional amount of Greek sov CDS outstanding. It doesn't matter because it's small(ish), in the grand scheme of things, and has been flagged well in advance.

What date is it today, I forget?

It's just ZH spouting a bunch of bollox again... Directly comparing Sov CDS and JGB yields is beyond silly for all the obvious reasons. It doesn't reflect anything, let along some sort of "hyperinflation" malarkey. Moreover, their points on the trade balance are a bit misguided, given the...

CDS will most likely trigger, FWIW. Everything is all priced in, however.

Priceless!!! Keep it coming, folks, I'm luvin' it...

Well, I do believe it's a bit more nuanced than that, given what's going on in the background. Moreover, I am not sure I am prepared to swallow the convenient story of property prices in Germany rising due to the effects of the "cheap ECB money". IMHO, it actually has a lot to do with...

That is exactly the sort of rebalancing that's supposed to happen in Europe (if it wants to continue as EMU).

That's pretty normal by UK standards...

+1

It's a publicity stunt for the club, I am pretty sure...

Hahaha, no problem, mate... It's just that muppets like this Alex Hope really really get me all hot 'n bovvered.

Erm, I know... My point was that if you were to describe any decent FX trader as someone who "regularly trades millions" they'd probably consider it an insult.

I think this volume drop has a lot more to do with the general carnage that has been occurring in short-end trading across pretty much all the big banks. Quite a few people (not high-freq) who did massive volume are out of the mkt, possibly for good.