Deadline looms for Isda group on resolution protocol
Would you wait on the deck of a sinking ship? What if it was the only way to get onto a lifeboat? Those – crudely – are the questions facing market participants as they work on an agreement to surrender termination rights during bank resolution proceedings, which has to be completed and signed in a matter of weeks. Peter Madigan reports
A little over a week after this article is published, over-the-counter derivatives dealers are expected to make a leap of faith. A working group representing 18 banks is due to agree terms for the surrender of one of the OTC market's fundamental protections – the no-mess, no-fuss right to terminate a trade when a counterparty defaults.
If that counterparty is a big dealer – and if regulators are
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