A big step forward in the development of the credit-derivatives market came last month when, after more than a year of preparatory work, the New York-based International Swaps & Derivatives Association (Isda) released standardized documentation for credit-default swaps. But, the market as a whole still lacks universal standards. “The issue of credit derivatives means many different things to many different people,” says Ron Tanemura, head of structured debt at Deutsche Morgan Grenfell in London. “There is one end which is highly structured each transaction may take weeks.
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