Will the Argentine debt restructuring lead to changes being made to the documentation of credit derivative contracts relating to the emerging markets – and, in particular, emerging-market sovereign debt?
The possibility, which is being reviewed by a specially formed emerging-markets subcommittee of the International Swaps&Derivatives Association (ISDA), has been thrust into the spotlight by three lawsuits involving JPMorgan.
The investment bank – the largest user of the credit derivatives market, as a major buyer and seller of protection and also the leading intermediary – is involved in three legal disputes relating to Argentina’s $50 billion debt exchange last November.
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