Sovereign overhaul

The International Swaps and Derivatives Association (Isda) has released its first master confirmation agreement to standardise the trading of credit derivatives referenced to sovereign issuers.

The move to create the agreement was largely prompted by disputes over debt exchange, notably the Argentine government’s exchange of some $94.3 billion. The new document thus attempts to eradicate any further disputes by providing separate terms for sovereign debt, and more importantly, a more precise

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