I'm interested in your perspective regarding the 700 Trillion SWAPS market & its potential impact.
A privately held SWAPS market of this much size ($700 trillion) is a risk. The credibility of the market depends upon the performance of the underlying assets and the parties who are transacting. Simply because it is a secret private affair does not mean that credibility is not there. But there should be a sort of regulation and control in such huge markets because if anything adverse happens, it spreads like a contagion and precipitates a parallel economic crisis in which those not involved in the deal are also affected very much.
So, to understand, I need to ask;
Is it the mere size that troubles you? The "Secret Private affairs" you mention; Is there reasonable transparency?
Are there sufficient "Underlying Assets", actual Capital requirements, to ensure averting a systemic failure?
$700 Trillion, whats that like the value of the U.S.A.?
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