Is the Crystal Ball Clearing? | 148 comments (147 topical, 1 editorial, 0 hidden)

Re: Is the Crystal Ball Clearing? (none / 0)

Except that the notes are not typically recorded or filed.

by rifek on Tue Mar 13th, 2012 at 02:39:05 PM EST
[ Parent ]

Re: Is the Crystal Ball Clearing? (none / 1)

In that case you do not, in practise, have a central registry of deeds and property.

Breaking such registries is one of the things right-wingers do, because they neither understand nor care to understand the institutional basis for prosperity.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Tue Mar 13th, 2012 at 03:27:32 PM EST
[ Parent ]

Re: Is the Crystal Ball Clearing? (none / 0)

Notes have no effect on title. Only mortgages and deeds of trust do, and those are recorded or there are consequences. But those are just collateral instruments and don't show evidence of the underlying debt. Notes, CDSes, and other securities don't have recording systems to readily determine who holds them.

by rifek on Wed Mar 14th, 2012 at 02:52:42 PM EST
[ Parent ]

Re: Is the Crystal Ball Clearing? (none / 1)

The whole point of having exchanges rather than simply trading over-the-counter is to have a paper trail of who owns what. If the exchange does not keep track of who owns what securities, then it's not doing its job. And tools that do not do their jobs should be replaced or discarded.

Of course, alphabet soup derivatives are typically traded over the counter rather than on exchange. But that's a bug, not a feature.

In Denmark, notes are notarised and placed in a similar sort of central registry as deeds and titles. But then again, in Denmark, everything is noted and registered and recorded in a central registry somewhere.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Fri Mar 16th, 2012 at 05:39:28 AM EST
[ Parent ]

Re: Is the Crystal Ball Clearing? (none / 0)

If a CDS were actually treated like an insurance policy, it would not be tradeable. The CDS could only be held by the buyer of a named beneficiary, and the payment obligation could be transferred only under highly regulated conditions. But then no one would score an endless series of commissions.

by rifek on Fri Mar 16th, 2012 at 10:06:15 PM EST
[ Parent ]

Is the Crystal Ball Clearing? | 148 comments (147 topical, 1 editorial, 0 hidden)

Top Diaries

At last, a progressive Australian government?

Time to wield the big stick

There Ain't Nothing Boris Can't Fix

N. Ireland Protocol receives democratic mandate

Expelling Russia

Northern Ireland Assembly Elections

Annexation Of Land - Changing Borders

Germany Goes To War

Recent Diaries

Noam Chomsky on WWIII - Russia - China

At last, a progressive Australian government?

A Hit for AUKUS

Time to wield the big stick

There Ain't Nothing Boris Can't Fix

NATO War Planning -- In 2021 Ukraine

Shireen Abu Akhleh Killed by Israeli Sniper [Update]

N. Ireland Protocol receives democratic mandate

American Revival of the Barry Goldwater Era

Annexation Of Land - Changing Borders

Expelling Russia

City Agriculture - May 5, 2022

Northern Ireland Assembly Elections

Germany Goes To War

Energy (and Other) Events - May 2022

America Today!

Third and Deciding Phase for Europe

NATO Russia Founding Act - A Dead Letter

Standing Up to Russia

EU Death Trap - Fast Track Ukraine As Member

Occasional Series