But everything nets each other contractually. The gross position of swaps is an intellectual (and accounting) view. The only thing you can make a claim for in a court is the net position because that's your agreement with the counterparty (ISDA). The fact that this net position is calculated from a sum of gross positions doesn't mean you can go to a court with these gross positions.
There are some courts that would ignore the contractual agreements. Italy is known for its weird ruling. But I do not believe the gross positions are meaningful.
There are some courts that would ignore the contractual agreements. Italy is known for its weird ruling. But I do not believe the gross positions are meaningful.