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Macfarlanes LLP | Russia, USA | 10 Jun 2022
Could US sanctions impede credit derivative auctions on Russian debt?
When a few weeks later Russia invaded Ukraine, the financial sanctions that were consequently imposed were often accompanied by time-limited licences…
Macfarlanes LLP | European Union, United Kingdom | 19 Oct 2021
Phase 6 regulatory initial margin: Key considerations
Phase 6 represents the final stage of the phase-in of the rules for regulatory initial margin (Reg IM). Earlier phases are discussed in our previous…
Macfarlanes LLP | Global | 19 Sep 2019
The ISDA 2019 NTCE Protocol - what you need to know
ISDA has released the ISDA 2019 NTCE Protocol (the Protocol) to address issues in the credit derivatives market relating to deliberate defaults by a…
ENSafrica | South Africa | 23 Apr 2019
Margin requirements for OTC derivatives - The final draft of the Joint Standard?
On 8 April 2019, the South African Financial Sector Conduct Authority and Prudential Authority (collectively, the “Authorities”) published yet…
Travers Smith LLP | European Union, United Kingdom | 11 Apr 2019
EMIR 2.1 update
In July 2018 we circulated a client briefing note outlining the European Parliament's approval of a revised proposal to amend EMIR (also known as…
Kramer Levin Naftalis & Frankel LLP | USA | 18 Mar 2019
Narrowly Tailored Credit Events: Proposed Changes to the Credit Derivatives Definitions and Preliminary Takeaways
Narrowly tailored credit events have emerged as one of the most controversial opportunistic CDs strategies in recent years, as we have been reporting…
DLA Piper | Global | 11 Mar 2019
ISDA proposes CDS “Failure to Pay” definition amendment
Following the Hovnanian fiasco last year (see Leigh Ferris’ piece in GMFI and David Ampaw’s restructuring-eye view of “manufactured credit events”)…
Richards Kibbe & Orbe LLP | USA | 6 Mar 2019
Curbing Manufactured Failure to Pay - an Independent View
A Failure to Pay Credit Event allows a CDs buyer to be paid the protection payments when the Reference Entity fails to make a required payment on its…
Jones Day | USA | 7 Feb 2019
Ziggo: Another Definitional Split in the Credit Default Swap Market
A recent decision reminds credit swap market participants that thorough knowledge of the documentation and definitions relating to a particular…
Jones Day | USA | 11 Jan 2019
Short-Squeeze Risks Loom Again in CDS Markets
Fears of a potential short-squeeze in the upcoming Sears CDs auction have kicked off disputes in a variety of venues. The…
