Our crisis MIGHT be a sudden drop in the major financials Derivatives and Futures Receivables. The swap face value is not the issue nor reported. The interest payments are massive numbers in the Futures accounts receivable and payable. So large that the market cap of the major financials are dwarfed by the receivables. The payables and receivables generally are close to matching.
I think the gist is that while our financials aren’t exposed to loss should Chinese swaps suddenly go up in spectacular fashion, but rather that their stock prices are supported by the future cash flow those swaps represent. No swaps means no cash receivables.