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Commentary: five lessons from the municipal derivatives litigation front

USA - June 14 2013 Pre-financial crisis, interest rate derivatives were widely recognized as a valuable part of the municipal issuer's financial toolkit. Post-crisis...

Nikiforos Mathews, Steven J. Fink.

Standardization of muni CDS

USA - May 4 2012 On March 5th, ISDA published the 2012 ISDA U.S. Municipal Reference Entity Supplement to the 2003 ISDA Credit Derivatives Definitions (the “March 2012 Supplement”), which is intended to standardize credit default swaps referencing U.S. municipal issuers or obligations as the reference entity or reference obligation (“muni CDS”) with credit default swaps referencing corporate and sovereign CDS....

Nikiforos Mathews, William S. Haft, Al B. Sawyers, Edward G. Eisert.

Dodd-Frank Act implementation update

USA - May 4 2012 Title VII of the Dodd-Frank Act, titled the “Wall Street Transparency and Accountability Act of 2010” (“Title VII”), was enacted on July 21, 2010....

Nikiforos Mathews, William S. Haft, Al B. Sawyers, Edward G. Eisert.

City of Milan settles with banks in derivatives fraud case

Italy - May 4 2012 The City of Milan, Italy, has reached a settlement relating to a dispute involving fees charged by four foreign banks relating to the sale of derivatives....

Nikiforos Mathews, William S. Haft, Al B. Sawyers, Edward G. Eisert.

Greece triggers credit event and raises questions for sovereign CDS

Global, Greece - May 4 2012 On March 9th, the ISDA Determinations Committee for Europe unanimously concluded that The Hellenic Republic (Greece) had triggered a restructuring “credit event” under credit default swap (“CDS”) contracts in connection with the exchange of its debt with private creditors....

Nikiforos Mathews, William S. Haft, Al B. Sawyers, Edward G. Eisert.