Buy side attacks Isda early termination protocol

Lawyers and funds allege lack of consultation in crucial too-big-to-fail fix

The Bank of England
The Bank of England: one of the regulators that pushed for the protocol

One buy-side lawyer calls it "absurd" and "insane". Another says her clients will "go ballistic" when they see the details.

Both are talking about the newly minted Isda Resolution Stay Protocol, which restricts the rights of derivatives users to immediately close out contracts when a stricken dealer is taken into resolution proceedings or - under some circumstances - when it files for bankruptcy in the US.

The protocol was drafted at the behest of global regulators by a working group of the

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