Credit event fixings for Iceland's three biggest banks took place in November after the government seized control of the entities, triggering technical defaults. Recovery rates were established at single-digit...
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Isda is providing protocols to amend CDS paperwork before the settlement auctions for Iceland’s defaulted banks
The International Swaps and Derivatives Association on Wednesday confirmed that the Icelandic government’s takeover of Landsbanki on October 7 and its acquisition of a 75% stake in Glitnir Bank on September 29 constitute technical credit events.
The injection on Monday of €600 million from the Icelandic government to acquire 75% of Glitnir Bank has done nothing to ease fears over the bank’s future. Glitnir’s five-year credit default swap (CDS) spreads are now the highest of any European...
Fears over the strength of the Icelandic banking system have caused the krona to plunge, prompting the country's central bank to hike interest rates to record levels. The initiative seems to have worked, with the currency rebounding and credit spreads...
In response to industry fears of a collateral crunch, regulators have revised the proposed rules on margining for uncleared over-the-counter (OTC) derivatives.You can find out more by downloading this white paper here.
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