ISDA makes move on CDS reform, targeting manufactured defaults

credit default swap CDS 230x150 AS
By GlobalCapital
07 Mar 2019

The International Swaps and Derivatives Association (ISDA) is planning to bring in new safeguards to clamp down on credit default swaps (CDSs) being used to trigger manufactured defaults.

Proposals from the ISDA working group, which includes representatives from Goldman Sachs and Apollo Global Management, are intended to end a controversial strategy that has been used by certain hedge funds. This comprises commercially viable companies being encouraged to file for bankruptcy in return for favourable financing terms, ...

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