Remember when 1 month before someone supposedly ate a bat we were figuring that new years 2020 would be the inflection point for FX swaps, the spillover effect from broken repo markets, that could spark a financial crisis?
Talking $15T here

Then someone at a bat the same week

FX swaps are off-balance sheet which is nice for banks and companies engaged in the hedging because the lower the debt, the higher the credit rating.

"Obligations to pay dollars incurred through FX swaps/forwards and currency swaps are functionally equivalent to secured debt."

"In contrast to other derivatives, agents must repay the principal at maturity, not just the replacement value of the position.... because of accounting conventions, this debt does not appear on the balance sheet: it has gone missing."

"All this greatly complicates any assessment of the missing debt's total amount and distribution, and hence of its implications for financial stability."

Soros:
"Markets are inherently unstable. Or at least potentially unstable. Appropriate metaphor is oil tankers. They are very big. You have to put in compartments to prevent the sloshing around of oil from capsizing the boat. The design of the boat has to take that into account."

Repo "spilling over" into swaps could create the instability in the one of the largest shadow markets in the world. And it was slated to happen around Dec 2019/Jan 2020. It was already happening.

Then someone ate a bat.

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