Softened EU swap stay still threatens margin hike
Moratorium cut to two days, but pre-resolution stay could make EU a non-netting jurisdiction
Two steps forward, one step back is the idiom being used by swap market participants to describe the latest European Union proposals on moratorium powers under the updated Bank Recovery and Resolution Directive (BRRD).
The controversy revolves around regulators’ powers to stay swap counterparties from closing out their trades with a bank that enters resolution. If this happens before the
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