波士顿咨询集团的Pierre Pour query认为，考虑到基金面对上升的赎回率和保证金要求，下一波冲击的受害者可能来自持有大量掉期合约的对冲基金倒闭。

The next shock could be the failure of a hedge fund with a big swap book, given the spike in redemptions and margin calls many funds face, thinks Pierre Pourquery of the Boston Consulting Group.

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随着意大利国债收益率飙升，可能出台进一步的保证金上调，从而进一步推高收益率，并引发更大幅度的保证金上调。

With Italian yields jumping sharply, further margin increases could be on their way, prompting further rises in yields and yet more margin increases.

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