So do different  firms report at different times to enable this to work? or are there other firms (the counterparties) that would now be over-levereged as a result of these transactions?

as another question, would you need another firm to be the counterparty? or could this be anglo-shenanigans between UK and US parts of the same bank?                      

Any idiot can face a crisis - it's day to day living that wears you out.