Too-big-to-fail fix may need second swaps protocol in 2015

Buy side may need dedicated protocol to waive close-out rights under new national regulations


Derivatives market participants that are racing against the clock to draw up a legal agreement that would suspend swap termination rights – one of the market's basic safeguards – may have to do it all again next year, Risk has learned. The protocol has been in the works for a year and is due to be voluntarily signed by 18 big banks in the coming months, but a second agreement may be needed to bring other market participants into the new regime.

"The issue is still up in the air but there have

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