Three recent high-profile cases involving JPMorgan, along with a post-Enron reluctance on the part of clients to enter into opaque off-balance-sheet transactions, might spell the beginning of the end for sovereign credit derivatives. These are not golden days, after all, for financial markets plagued with illiquidity and mistrust.
JPMorgan has issued one public statement maintaining a stout defence: “JP Morgan fully complied with the plain language and spirit of the contractual terms of the governing agreements.”
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