They rightly see it as a race between them getting their derivative exposure straight, and owing billions on defaulting companies to which they are overexposed because of ill-hedged swaps.

• 正确的方法是他们将它看成一场竞争，要么自己直接将衍生产品曝光，要么因过度进行不利对冲交易而拖欠公司几十亿。