UK regulator warns of legal risk with credit derivatives


LONDON -- Significant credit defaults could expose flaws in the legal framework of the credit derivatives market, the head of Britain’s principal financial watchdog said in February.

It is possible there could be disputes about a credit event, for instance, or the terms of delivery, said Howard Davies, chairman of the Financial Services Authority (FSA).

He told a bond investors’ conference in London that recent defaults such as those of US energy-trading group Enron, the UK railway track manager

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