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CAPITAL ¢ By Davip Wessei SEPT, pF | Teams, | et tie St ol ee a ere nes ae Coating pre oe oA a fa Symes ets rrsact oa carat [eee ee et re i a area ee Sepciceatae ary ee | noider batiout ar cna wal sgt SO Seat Seattastne® res | eum eee | RR cee Hues ae han ey Wall Street Is Cleaning Derivatives Mess ‘Stocks, hands ané options traded on exchriges yo through dearng houses, whch ict a ie pees something goes ayy trade. ty this marke, there's ingnouse yet. Uni recent. dion teven enter mas tei ef ‘Sap tates nto a eomputer catahase to be-sure ten sides agted on the ‘ME Geithoer, the Past Revere of this ser. bean Shouting abou all of {hs blere the end of hus st year (he Job, [nan Oetber 204 gees, te noe that inadequate tinge Dlumbing was "a potential sure ot ‘ucertalny that can eompliate ow counterparties a ae yenta eras. ater mah Fepiod YY. y Hes reopna in eatin TS a case sy in efective, stele interveabon by eeu: ters to gt major payers 9 8 1 proviem tha several ee but noe can 3 Inaiigaly: “These ate the (pes of fora mbere toe te {ara almost ever ftantinabl, for te ‘aya comes Inthe Foidanee of nse save Dash Ge Sie erent Now Yk Fd ret "Toe problem: The markt or oan cial dei elie credit derivative, Dariulriy 2 sain know as cet. feta swaps, winch alow bens ana ‘ters co buy insurance again a bor Foner going bus has growe 30 fast. {hut cas overwbened te eg ‘Epub aed paper | wn fim certain wi owes hat | ta wnom a minor hleeup mgt be | fea financial cy Wit Fer | ‘Stson or te whole econ ‘eriratver allow bask saps nue and iver ani tn sins, muchas homeowners buy tsrurane to st the ik of Pepa Ine fre damage tt insurer athe stipes: frm Jore Menlecurae tne rows mon ata iterst fale ha move up and ee With Imaret rate anthem ra 4 ‘ih Pants lover! ain ‘hh te pres ty « tes fae aa 0B ps te arate “he subspecies kn as cate | taut wage tow wat thet Save ie ney lose General Mote orp shit Hn of sta Yo sk Joie inves fos fe A ema [hs ered aoa dawn span fess at wel ts banks ohne ly oti: venture now ice btak Sty til tn be Heed thre camer sar |S 00 woe max x: wa Street wo are eater | fades themactt dare ang Sifter yeas ap, ba eas wer | tnt Strat ape oy teen | a ae eee Beas cae Fa eet ieee eaten | eee eee ce Soe Wheteees Secon ete te | eal wal rwtney arrng ot fase overt he gets wb SHAPE coe eee oe et mone a ie ey leured tha bead passe te esbjein Seven cosh tout ‘oer a aera When 2a | ew weed ha was was | pomnitea” sage Gerald Corganc lay god geno ta sess" That's conta Dank speak er: De et Tsearening down the a Mereay af mice "a fe arent tt ‘et spine ook ae nner encourage ‘rent, Mr Corgan Sndanuary an Te fonvened aa Ina ‘Uy grup, eve be ad care ar UTE poner i problem. te APE, Nr. Celt? iby led to song ealecive Exnunment by the principal des rs" In May, tien Fed Cmaman ‘lan Greenspan wae stgeny af fing thet ee derivatives are Key {0 tbe resiieny of be U8. econo, autloned thatthe inadequate tte. on ee Re ee a ea ees ote eee cere Secale Hootie eae Ten Se 2 Oe foe os ea ete Soares ches cou eee ons anew me cote Sry coors ae ng inetfici fie eh SE ae ate ena ek eas Soc ceneeee tea a nt ares santana ares eee pes ee ees soeieneatea st Srnec. Ei heater ae het neo » ey noi dealers wine gaye serena» poston ta, someane else, ‘ormed stout arisptbey secrets Sesto dearer: Bethy ‘leted 5 a ‘The Fourteer Famieraaa ame "to retuee tne mbmbetolpage ean phe a Sep seb “aah emectee < Gimatent shat he Shae ened at “impor, rece Pairs osc ies joa 3 Re alee reed es Ta ae a a at ‘a nk tee Beak thes ateenon pated fet aa ee, nh “The subspectes known nx eredit.de.’ “lmtusity by the regulators are invart: tn Senpe le sis ane AY AE Seale es cn (etcoy atten ry and alec i CoS a inh a Pataca et lB frien Ae nae a mt eter ahah SERN need ge hem mw Sat edie ee net et ae a gemma lane i ee seed rele oreo eb Breage tro thea arden a Inessage: Tell us how yout A hee prone Br Tats agreeon 4 way toh Site saenten eed oT i ee een this when the marke stared aking Teles nlc before any party to 4 Paine fi mee sek Noe SI acs ane nat kee eu ee ie al aa ee ‘and fax. Detailed eonfirmations, im- _ Bigicustomers tesisted demands that todo taeda hy ly des any men | ‘ules later, weren't completed. One | |.285Signing a position to someone else, | ‘firm confessed in June that it had." it sharing thelr secrets: 18,000 tndocumented trades, several, “landiahout dealer eifciency, But Uhey Ri eee es Acer oreene mee ken Ing in the tate effiee foe more than... The Fourteen Fanuc also agreed 90 days. It wasn't unustial, to réduce.the number of trade contr. | ‘party deat was: Beaty ‘uurning obit atone a or as of eas ae Sat at Ue Simrarygcin mart cr Math het as Ei ara ees etd on eus es en en ae eRe fi cate ame a ee st Popo eu fae “Tran etatandng es fr | ae eet Sires ey tama Sern is ete) | ACGns RISA” Reem tice | oslo sou tna edn ae ang tee at ey ere pee [sa ges an Es rade and or pneg area ee stalctes! | AS ete mt Binet ans panreattcrce ey SME sent nome Utena ach player knew Toe pi al rd here auciitins oft apse ao” 4 bo of ote we fe relied how expysed oe rms fire trades. Abt 49 bnew "| Stiand fn frogie ETCMCe erat trades sil tent malened lero “| ‘tay was Inthe ease of crest deriva. cally. There's o centalized wily to | i 1 {er the te tas hen worse" poms felt trae. Bt Hert etigedntenton and We UMM) aaa Feats ae on fiber pect bac bon‘ opp the watt epacing fe pe bore iit tem cdf seh en hey betta mere ae fat une ing wih eho it" aking lian hy oe Me Set teat Tati arty em ome pt ale fe ‘tig at nec re Mata ested equation der ya ne a ata Aes y are a gs won) WS eg ee toler ea oe att io Cae

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