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The size and risk of OTC derivative bets is best captured by their gross market value, says the BIS.
But the BIS reckons that gross market values provide a more accurate measure of the amounts that are actually at risk.
Gross market values, which measure the cost of replacing all existing contracts, went up by 29% to $20.4 trillion at the end of June.
The BIS says the best way to gauge the total volume of CDS exposures is by their gross market value, which was $294 billion last June.
"Gross market values", which show how much money would change hands if derivative contracts were sold on the reporting date at prevailing prices, are a better guide.
Based on the gross market returns of the Standard & Poor's 500-stock index, the study assumed an investment of $100,000 on Jan . 1 1973, that dropped in value to $57,378 by September 1974.
Similar(47)
The following weekend saw an additional $21.3 million from China, making China the highest grossing market with $69 million.
Until that weekend the top grossing markets were Los Angeles, New York, San Francisco, Chicago and Dallas.
This might work, since three of the AMPTP's non-negotiable demands ("roadblocks") - distributor's gross, fair market value and, arguably, industry standards - relate to compensation, which is a subject of mandatory bargaining under the National Labor Relations Act, 29 U.S.C. §§ 158(a)(5) & (d).
For each individual, we defined their contribution to production as their gross labour market income, including the share of earnings used for payment into pension funds.
Back when VICE was starving its ass off in Montreal, we came up with the term "cougar" to describe all the gross, older marketing women we had to fuck in order to sell adspace.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com