Asia Risk 15: Derivatives netting not fully in place in Asia
Counterparties of Lehman Brothers were able to close out their over-the-counter (OTC) trades smoothly under International Swaps and Derivatives Association (Isda) ‘master agreements’, despite severely stressed market conditions. This is largely because close-out netting is legally enforceable in Lehman’s home jurisdiction, the US. The financial system would have come under considerably more strain had the counterparties of Lehman Brothers needed to calculate their exposures on a gross instead of
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