Dealers work towards standard CCDS contract

A working group of about 10 major dealers and brokers could be just months away from producing a standard contract for swap-deliverable contingent credit default swaps (CCDSs), predicts a source close to the group.

Standard swap-deliverable CCDSs would be a breakthrough for counterparty risk managers, as they would allow hedging of counterparty credit exposures via CCDSs even where derivatives counterparties have no deliverable bonds or loans.

"It would definitely give impetus to the hedging of

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