The sheer volumes of outstanding CDS contracts -- and the fact that they trade directly between institutions, without centralized clearing -- intertwined the fates of many large banks and brokerages.

• 发行在外的大量信用违约掉期合约，加上它们在机构间直接交易、缺乏集中化清算的事实，让许多大银行和经纪商的命运交织在了一起。