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By Reuters | 15 Oct 2008 | 06:46 AM ET
- mid-2008: $54.6 trillion
Amount of outstanding contracts, according to the International Swaps and Derivatives Association (ISDA).
**nice explanation and history – in layman’s terms easy to understand. No explanation of why it was allowed to happen nor what all is actually at risk, although that is probably being investigated in a lot of places.