One Year Ago In Derivatives Week
The Reserve Bank of India issued strict guidelines for the creation of an onshore credit default swap market. The guidelines imposed high capital requirements, restrictions on which firms can trade swaps, and limited CDS to plain-vanilla corporate bonds. [Foreign multinational investment banks in India have since been sitting on the sidelines in the new credit default swap market. They’re not willing to take on the cost of collateralizing the deals and so aren’t targeting the market in any way (DI, 2/29).]
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