Waterline is less exuberant than Raisin's acclaimed 2008 debut, God's Own Country, which follows Sam, a psychotic farm boy with a crush on a schoolgirl whose family swaps north London for North Yorkshire.
The tricks have become de rigueur among the Washington social set, whose members swap Supreme Court theories at cocktail parties the way Angelenos swap movie industry gossip.
One hedge fund in New York, whose default swap expired soon after the restructuring, plans to sue J.P. Morgan Chase, one of the banks most active in the market for credit derivatives, for rejecting their interpretation.
This practice became formalized during the recent writers strike, as publicity executives from the major companies formed a kind of federation whose members swapped information and divided responsibility for riding herd on the various news outlets.
"The last thing you want is to find one of those pieces in some antique shop or on eBay," said Msgr. Louis A. D'Addezio of the Archdiocese of Philadelphia, whose artifact-swap program was set up in 1991, one of the first in the nation.
There was one man in this global movement who didn't swagger, whose music swapped machismo for endearment, and, interestingly, he may be the most skilled turntablist of them all.
For instance, many of the banks' hedges are credit default swaps whose prospective payouts would be in euros.
A member bank which is asked for its Libor quote will typically have on its books a large number of swaps whose values are referenced to Libor.
But one of the challenges facing participants in the credit default swap market is that the market value amount of the contracts outstanding far exceeds the $5.7 trillion of the corporate bonds whose defaults the swaps were created to protect against.
There are plans to extend this tidying-up exercise to other derivatives, including interest-rate swaps, whose gross value, $393 trillion at the end of 2007, dwarfs that of CDSs.All this will strengthen market infrastructure.
