Bad news, but good news too

Banks are hoarding cash in expectation of pay-outs on up to $400bn of defaulted credit derivatives linked to Lehman Brothers and other institutions, according to analysts and ­dealers.

This
added pressure on the frozen financial system comes as authorities
prepare to meet participants in the so-far unregulated $54,000bn credit
derivatives market to speed up plans for the creation of a central
clearing house.

Here is the story.  Here is my earlier post on derivatives and clearinghouses.