Flexibility a sticking point in buy-side resolution stay protocol

Firms want a choice of the counterparties covered, regulators are opposed


Buy-siders and regulators are at odds over the flexibility of the International Swaps and Derivatives Association's (Isda) second protocol on derivative termination stays in a bank resolution, lawyers say.

Experts close to discussions on the resolution stay jurisdictional modular protocol, which Isda is now working on, say regulators oppose letting buy-side firms choose which counterparties are included when they sign up to the protocol.

But buy-siders say the choice is critical in allowing them

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