Zombie firms are first Dodd-Frank major swap participants

Only registrants to date are MBIA and Cournot Financial Products – firms that have not traded derivatives since 2008

A bunch of zombies

Credit derivatives product company (CDPC) Cournot Financial Products and monoline insurer MBIA are the first – and so far, only – firms to provisionally register as major swap participants (MSPs) under US Dodd-Frank Act rules, even though both firms are being wound up and have not done any new credit default swap (CDS) business in more than five years.

The news goes some way to solving the long-running mystery about which companies the MSP category would catch. MSPs are mentioned 160 times in

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