As delegates to the annual general meeting of the International Swaps and Derivatives Association (ISDA) gathered in Miami on the evening of April 24, they had a surprise regulatory intervention in a trading dispute to digest.
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Christopher Giancarlo, |
The Commodity Futures Trading Commission (CFTC) announced that it is examining whether manufactured credit events designed to trigger default swaps constitute market manipulation, a few hours before ISDA delegates gathered at a reception by the pool in the Delano hotel in South Beach, and the implications of this action quickly became a main point of conversation.
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