A bridge too far: EBA swap stay to spur mass repapering?
Industry scrambles to avoid duplicating BRRD close-out contract changes across four jurisdictions
Painting Scotland’s Forth rail bridge is famously – or infamously – a never-ending job. No sooner is it done, than you have to start again from the other end.
It’s a scenario Europe’s largest banks are keen not to mimic. Five years ago, they repapered thousands of derivatives contracts with non-European counterparties to insert new clauses – known as contractual swap stays – to avoid unnecessary
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