ISDA DC decides on Noble Group, prompts questions on reform
An International Swaps and Derivatives Association (ISDA) determinations committee this week 'cleverly' dismissed the controversial question of whether Noble Group defaulted on its debt in June, but the move has prompted questions about reform of the decision-making process.
The Asia Ex-Japan determinations committee, formed of 10 sell-side and five buyside firms, also decided to rephrase the question it was supposed to rule on, squeezing in a requirement to prove that the underlying guarantee from Noble was “qualifying” to trigger a credit event.GlobalCapital
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