Harbouring doubts on close-out netting

Derivatives safe harbours are viewed as crucial to close-out netting. However, they are under siege from the US Congress, where legislators have tried to undo the protections given to market participants when a counterparty defaults. Mark Pengelly reports

Where there’s a will…

Living wills have quickly emerged as a new measure to ensure banks are better prepared for the next crisis. But clear definitions of exactly what information they should contain and how they should be drawn are lacking