The financial industry will today overhaul how it writes contracts in the credit derivatives world – an effort to rebuff criticism that the vast sector could pose a systemic threat.
More than 1,400 banks and asset managers will adopt a new “big bang” protocol, which will make it easier for investors to know what will happen to credit derivatives contracts if debt defaults occur.
The US market will also introduce a standardised pricing system for CDS contracts, which have hitherto been run on an unregulated, freewheeling basis.
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