Trading desks would estimate the maximum possible loss on risky assets, hedge it and then record the net risk as minimal, inadvertently concealing huge tail risks in the gross exposure.

交易部门对风险资产的最大可能损失做了估计，对之进行对冲，然后将如此计算的最小风险净值记录在案，如此这般，却将风险毛值里的巨大的长尾风险疏忽性地掩盖起来。

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In some cases the participants in the derivative trade have had each other as a counterparty on other trades and thus have reduced their net risk.

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"I can't imagine a situation, given what we know now, other than a screening mechanism followed by some sort of trial for the net risk and benefit versus risk, " Califf said.

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Investors will want to be overweight below-market beta allocation, meaning investors will continue to move out of risk assets and into high end investment grade, defensive sectors like utilities and overall net long safety versus risk assets.

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