I would appreciate a lot your feedback on DPC (Derivative Products Company. Like Salomon Swapco or Goldman Sachs Mitsui Marine Derivative Products). Namely: 1. Why is the DPC structure economically feasible for a sponsor bank? I understand that DPC has a higher credit rating (following from this some probable economic feasibility), however this is achieved at expanse of good collateral provided by the sponsors themselves, which might eliminate the previous advantage of DPC structure.2. Is it possible to structure a high rated DPC without any collateral. What I mean is that, if DPC is hedging it's market risk exclusively with a triple-A entity (why this triple-A likes to deal with the DPC is another issue), will it be possible to achieve high credit rating without any collateral?Any electronic material on the subject would be much appreciated (zvicha@yahoo.com). Thanks.