Editor's letter - The blind leading the blind

A number of interesting issues cropped up during the hour-long panel discussion, the most significant of which centred on the challenge facing James Caird (which, in this instance, should be seen as a proxy for all buy-side firms with any OTC derivatives interests) in pricing complex OTC derivatives where market liquidity for such instruments is next to zero. In this scenario, according to Erby, James Caird is forced to rely on its administrator's guidance (in order to arrive at a definitive

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