At the moment, derivatives spreads reflect fundamental values more accurately than those in corporate-bond markets, reckons Tim Backshall of Credit Derivatives Research (CDR).

ECONOMIST: Credit derivatives

Investment-grade bonds at one point during the day were suffering a deeper selloff than at the worst of the Lehman Brothers crisis, according to Tim Backshall, chief strategist at Credit Derivatives Research.

WSJ: Dow Takes a Harrowing 1,010.14-Point Trip

Imagine, in JPMorgan Chase's case, the frustration at being the leading credit derivatives house, high-yield-bond underwriter and fixed-income research firm (among other things) and then losing on some bets on interest rates.

FORBES: Beware That Commercial Bank