Close-out value
Jerome Kemp on the skewed economics of clearing
Only Fed intervention prevented “a really big market disaster” during Covid, says derivatives veteran
Exchange shutdowns could trigger derivatives unwinds
Eight-day closure would invoke subjective valuation clauses; hedge disruption could cancel trades
Duffie: CCPs should prep to quash Sifi swap termination stays
Clearing houses need criteria for overriding stays on swap terminations, writes Darrell Duffie
Moody's correct on swaps bail-in risk – Risk.net poll
Nearly 90% say agency is right to assume swaps won't be bailed-in
Moody's swaps bail-in bet splits banks and buy side
Asset managers wary of assumptions that make swap counterparts look stronger
Breaking break clauses
Breaking break clauses
Closing out DVA
Closing out DVA
Standard docs may not prevent clearing contract crunch
Preventing a clearing contract crunch
Diverse netting approaches create OTC headache
Gap in the net
Banks tout break clauses as capital mitigant
Breaking with tradition