The first was the bank's focus on traders' net exposure, the difference between the portfolios that are being arbitraged.
The net exposure represents the gross exposure less liquid collateral and CDS protection purchase from investment-grade counterparties outside of these countries, Konrad explains.
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By creating a fictitious portfolio of trades that appeared to balance those he was really making, his net exposure stayed within set ranges and he remained below the radar.
In such an arrangement, an investor agrees to buy into a new issue in return for being able to sell back to the banks an equal amount of an old one, thus ensuring its net exposure does not rise.
The disaggregated report showed managed-money accounts cut their net long exposure to 25, 100 lots for futures and options combined from 25, 791 the previous week.
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Funds reduced their net short copper exposure following rises in recent weeks.
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Swap dealers are net long but reduced exposure, adding more gross shorts than gross longs.
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Its net foreign-exchange exposure is nil, but Iceland was in a similar position, and its banks have not been able to liquidate foreign assets to cover their foreign debts.
Sensible charity offers a minimal safety net to prevent starvation or exposure, not provide idle comfort.
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Commercials are net-short, but reduced exposure by adding more gross longs than gross shorts.
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Commercials are net-short, but reduced exposure by cutting gross shorts and adding gross longs.
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Commercials are net-short, but reduced exposure by adding gross longs and cutting gross shorts.
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Commercials are net-short, but reduced exposure by slicing more gross shorts than gross longs.
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Commercials are net-short, but reduced exposure by cutting gross shorts and adding a few gross longs.
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Commercials are net-short, and expanded exposure by adding more gross shorts than gross longs.
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Commercials cut their net-short position and reduced exposure overall by cutting more gross shorts than gross longs.
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Commercials are net-short, but reduced exposure by adding more gross longs than gross.
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Swap dealers are net long but trimmed back on exposure, having added to more gross shorts than gross longs.
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Commercials are net-short, but reduced exposure by cutting gross longs and gross shorts.
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Swap dealers are net-short but trimmed back on exposure, having added gross longs and cut gross shorts.
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Producers remain net-short, but cut back on exposure as gross longs rose and gross shorts fell.
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Producers remain net-short, but cut back on exposure as they cut more gross shorts than gross longs.
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Producers and swap dealers also cut exposure to gold, reducing their net-short positions by cutting gross shorts and adding gross longs.
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Commercials added exposure on both sides and remain net-short.
The results will contain estimated losses by exposure category, pre-provision net revenue, changes in loan loss reserves, total assets, aggregate loan balances and anticipated capital distributions over the time horizon.
Commercials cut exposure on both sides, lifting their net-short position.
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Non-commercials in the legacy report decreased their net-long gold position only slightly, but cut exposure to gold on both sides.
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Managed-money accounts slashed exposure to gold futures and options, decreasing their net-long position to 39, 631 contracts.
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