Moscow Exchange closure leaves equity swap contracts in limbo

Isda plans to issue guidance on the application of commonly used disruption event clauses

Moscow Exchange
Alamy/Reuters/Maxim Shemetov

Over-the-counter equity derivatives referencing Russian stocks could be abruptly closed out or forced to settle on subjective valuations if the Moscow Exchange remains closed for an extended period.

Under equity definitions published by the International Swaps and Derivatives Association, a calculation agent – typically the dealer counterparty to a trade – is tasked with valuing swap contracts in the event of an eight-day stock market closure. Additional clauses in confirmation agreements

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