Something Just Snapped At The Comex (Zero Hedge), page-60

Law 101.
Super-senior status

Senior lenders are theoretically (and usually) in the best position because they have first claim to unsecured assets.^{[citation needed]}
However, in various jurisdictions and circumstances, nominally "senior" debt may not rank pari passu with all other senior obligations.^{[citation needed]} For example, in the 2008 Washington Mutual Bank seizure, all assets and most (including deposits, covered bonds, and other secured debt) of Washington Mutual Bank's liabilities were assumed by JPMorgan Chase.^{[citation needed]} However other debt claims, including unsecured senior debt, were not.^[2] By doing this, the Federal Deposit Insurance Corporation (FDIC) effectively subordinated the unsecured senior debt to depositors, thereby fully protecting depositors while also eliminating any potential deposit insurance liability to the FDIC itself.^{[citation needed]} In this and similar cases, specific regulatory and oversight powers can lead to senior lenders being subordinated in potentially unexpected ways..\

Banking 102.

In 2009, the G20 Leaders agreed to reforms in the OTC derivatives market to achieve central clearing and, where appropriate, exchange or electronic trading of standardized OTC derivatives; reporting of all transactions to trade repositories; and higher capital as well as margin requirements for non-centrally cleared transactions. These reforms are being implemented globally through legislative and regulatory measures. Reforms in the U.S. are being carried out under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) and rulemakings by U.S. agencies, including the Commodity Futures Trading Commission, Securities and Exchange Commission, as well as prudential regulators including the Federal Reserve.