A world of trouble

Barely a month after Isda released its updated definitions on credit default swaps, the planned demerger of Six Continents is posing problems. Saskia Scholtes looks at the implications for buyers of protection on Six Continents and the credit derivatives market in general


The danger inherent in writing any documentation designed to bring clarity and fairness to a situation mired in dispute or controversy is that it will invariably be subjected to criticism before the ink is dry. But in the credit derivatives universe, it seems that criticism flows thick and fast before the regulator can even finish dotting the ‘i’s and crossing the ‘t’s.

On February 11 this year, after much discussion and negotiation with market participants, Isda released its 2003

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