Those wiseacres who say there is no such thing as systemic risk have been proved right again. Look, no global meltdown, no market chaos of Herstatt or even Black Monday proportions.
Is this because the guardian angels of the financial system swooped in fast and fixed it? Or because in today's markets nothing is too big to clear? Take a trillion dollar swap book belonging to a small outfit in Connecticut, alert a handful of players to...
