I want to draw about two trillion underlines under Alphaville's point that

we’d also like to know about concentration. That is, are there just a few counterparties out there that are big net sellers of Italy CDS or are there many? Which CDS have the most non-dealers involved?

Especially in light of this, where Jeffries reports that it has

no meaningful net exposure to European sovereign debt.

(emphasis mine).

N.B. It now appears that Jeffries' has primarily hedged by short selling, rather than CDS, but whenever we see a "net" number, we have to worry that the problem simply moves to another location in the system.