Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

Monday, March 9, 2009

Senior Supervisors Group Releases Report on Management of CDS Activity

The Senior Supervisors Group (which comprises senior financial supervisors from seven countries --United States, Canada, France, Germany, Japan, Switzerland, United Kingdom) today issued a report that assesses how firms manage their credit default swap activities related to the settlement of credit derivatives transactions terminated by the occurrence of a credit event.  This report — Observations on Management of Recent Credit Default Swap Credit Events — summarizes a review that the Senior Supervisors Group initiated in December 2008. The observations in the report are based on discussions with senior members of selected institutions, comprising major dealers, buy-side firms, service providers, and an industry association:

Surveyed participants reported that recent credit events were managed in an orderly manner, with high participation rates and no major operational disruptions or liquidity problems.

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