Zombie firms are first Dodd-Frank major swap participants

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 Do

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