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Market participants were expressing particular concern about the amount of money that the American International Group, the insurance giant that was effectively nationalized, would have to pay as it settled its swap positions on Lehman Brothers' debt.
Earlier this month, it boasted that its Swap Force line-up of Skylanders characters were outselling Hasbro's Transformers and Star Wars toys as well as all other ranges of action figures in North America.
The step came just three months after the Fed had closed its swap lines, which it instituted during the crisis sparked by the collapse in U.S. mortgage securities.
During the credit crisis, when many investments collapsed, AIG didn't have enough money to cover all the promises it had made in its swap contracts.
American Home says it sent out bills to its swap partners, and all but Bank of America agreed to pay.
A.I.G. said in a filing with the Securities and Exchange Commission that if its own credit were downgraded one notch by Moody's and Standard & Poor's, its swap contracts would require it to post collateral of about $13 billion.
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A.I.G. was for a while exempt from posting margin on many of its swaps, which is one reason it became a systemic risk.
Credit-default swaps have functioned well for big bankruptcies, but they were also a big source of systemic weakness in 2008, when the American International Group nearly collapsed because it could not make payments on its side of its swaps contracts.
The bank reaped handsome fees from its swaps contracts.
MarketAxess has tripled its swaps technology team since Dodd-Frank was enacted.
Begging, though widely despised, is quaintly entrepreneurial, with its swapping of pitches and techniques.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com