A world of trouble

Six Continents

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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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