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http://online.wsj.com/article/SB10001424052748704458204576074314285184094.html?mod=googlenews_wsj

 

The new Citi contracts would allow investors to hedge or speculate on the likelihood of municipal defaults in a new way, by taking on the risk of a wave of losses in the underlying portfolio in return for a high premium, or by betting on the relative value between the loss scenarios, or "tranches," in the structure.

 

::)

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