Why credit default committees are a turnoff for the buy side

With high costs and little to gain from participating, investment firms seem content to leave the legal work to the banks

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At the next meeting of the influential committee in charge of judging bond defaults, two seats are likely to remain empty.

The seats should be filled by large non-bank users of credit default swaps. But, increasingly, buy-side firms are quailing at the cost and workload that comes with membership of the credit derivatives determinations committee.

“Everybody agrees it’s got to be done. Everybody wants the right people on there. And no one wants to do it,” says Andy Brindle, former global head

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