Andrew Feldstein - BlueMountain Capital Management Andrew Feldstein is a principal at BlueMountain Capital Management. He was a managing director and co-head of North American structured products and derivatives marketing at JPMorgan until early 2003, when he left to set up BlueMountain’s credit trading business, as part of a hedge fund group he co-runs with other JPMorgan veterans. He is based in New York. David Carlson - Bear Stearns David Carlson is a senior managing director and global head

Delphi had also recently filed for bankruptcy and the roundtable participants discussed the issues surrounding a move towards cash settlement of credit derivatives – a matter that is taking on some urgency as market participants work out how many thousands of contracts they have outstanding that refer to the failed auto parts firm. The credit correlation mini-crisis of April and May also remains fresh in the memory of all market participants – not least those caught off guard by the relative mov

Andrew Feldstein (BlueMountain Capital): I think that they are both really interesting and important topics. I think they are two different subjects. The current issue around Delphi is very much about the mechanics of settlement and less about market pricing. The events of April and May were very much about a big disjointed price movement that caught many people unaware. April and May was more about a surprising depth to the structured credit bid, to a degree that people had not anticipated, and