Law firm of the year: Clifford Chance

Risk Awards 2024: Clifford Chance plays central role in credit risk transfer market lift-off

Jeff Berman
Jeff Berman

The expectation of higher capital requirements under the Basel III framework, and a risk of higher default rates stemming from the sharp rise in interest rates, are both prompting banks to consider stepping up their search for investors who will buy synthetic credit risk from their portfolios, to reduce their credit risk-weighted assets. Nowhere has that impetus been stronger than in the US, where the market was also battling to overcome regulatory uncertainty around the use of these credit risk

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