mr. pickel and mr.uffie if you'd like to comment. >> there are a couple of things that come to mind, first of which is the way in which a premium income is booked by those that road to cds during that time, to book it as income and not have set aside or loss provisioning whereby they build a war chest orchid tuesday fund in the event that they had to pay out. i want to be careful about that. cds is an unusual contract and not as if there's a stream of payments when the event is triggered the ensure just assumes a stream of payments. you actually have to deliver the losses for outstanding bond and go from collecting the premium which is a flow here to having a huge liquidity demand on you as a writer. obviously when we had a giant storm like that it's not clear to that even a well provisioned system would have withstood that shock. in the second dimension i think is the systemic risk regulator needs to understand the distribution of exposures ex ante and they need to have a very clear sense of that patte