Isda welcomes outcome of SG appeal

The International Swaps and Derivatives Association has welcomed a decision by the US Court of Appeal overturning a ruling that forced Société Générale to pay out on a contentious credit default swap contract.

Isda had submitted an amicus brief to the court in May 2006 supporting the Paris-based bank. The CDS, which was referenced to the government of the Philippines, was purchased by Chicago-based Aon Financial in 1999. It was thought to be a hedge against protection on a loan guaranteed by a F

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