No, it's not over today. While today set the price, the actual settlement of accounts (payouts) doesn't occur until October 21st, a fact previously unreported. See here. This is bad news because it will hang over the market. So, if you were a CDS protection provider, you learned today what you will have to pay in two weeks. Therefore, many will have to liquidate positions in the market if they haven't already. Expect some insolvencies and litigation.
The Price:
Protectors (insurance providers) will have to pay 91 cents on the dollar of default. This is steeper than expected which proves the underlying business was worse than expected. The estimates on totals are at $270 billion, which is lower than earlier estimates, but it is still unclear if this number is real because this market is not regulated. See here and here.
Finding out who the losers are is still a mystery, thanks to Greenspan and other deregulators.
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