Downgrading: Difference between revisions

And, ladies and gentlemen, that is how we find ourselves looking at each other today, through the vale of tears and resentment we both know as a liquid crystal display. Yes: it ''is'' a matrix, and I ''am'' stuck in here. But, look: don’t you worry about me. I can't bear mawkish sentimentality. And, after all, I shall outlive you all.  

Ok: enough of the cod-philosophical sci-fi. The notional amount of OTC derivatives traded when I took my pill in 1995<ref>According to BIS Triennial Review, since you are asking. {{google3|BIS|Triennial|Review}}.</ref> was roughly USD12 trillion. By 2018 it was nudging USD600 trillion<ref>According to [https://www.isda.org/a/9atME/Key-Trends-in-Size-and-Composition-of-OTC-Derivatives-Markets.pdf ISDA].</ref>. ''Six hundred trillion bucks''.<ref>I know, I know: that is gross notional and not net outstanding exposure. But still.</ref>

but in any case, an ISDA was once a rare and special beast. Nowadays it isn't — large institutions negotiate thousands of them every year — so [[management consultant]]s the world over are poring over the ''{{wasteprov|cost}}s'' of [[negotiation]] to see how to bring them down. This means some kind of triage.