Confusion reigns as financials docs switch deadline nears

By Jon Close

Thursday, February 06, 2014

There is growing uncertainty around the timing of a change to new definitions for financial credit default swaps

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TAGS: Financials

Comment by: Mike Peterson. Posted 10 years ago [2014-02-07 10:38:35]

Apologies for the confusion about the timing, which we should have made more clear. The newsletter is shown as published on 6 February because that is when it went online, but it was actually published in print at the start of this week.

Comment by: Anonymous. Posted 10 years ago [2014-02-07 10:35:30]

Ok- that confirms my understanding ... just got confused because this article seems to be as of the 6th of Feb, which would mean it should be more up to date than the one you've linked... I guess the date is misleading bec. this one was featured in your the print version? thks anyway!!!

Comment by: Mike Peterson. Posted 10 years ago [2014-02-07 10:28:58]

Update: after this article was published, Isda clarified that all the new credit derivative definitions will be introduced in September. See http://creditflux.com/Trading/2014-02-04/Financials-decompress-as-Isda-heeds-calls-to-delay-docs-change.

Comment by: Anonymous. Posted 10 years ago [2014-02-07 09:36:58]

re/ 2nd paragraph ("But the change to financial contracts is still pencilled in for next month.") ... Isda stated on its homepage that the " 2014 ISDA Credit Derivatives Definitions will go live from September 2014" .. The changes affecting Fins ( Gov. Intervention) are however a subset of these definitions ("The 2014 ISDA Credit Derivatives Definitions will introduce several new terms, including a new credit event that would be triggered by a government bail-in of a financial reference entity. A working group under the CSC began work on the revisions in May 2012, and the final Definitions will be published soon."), hence my reading was that these will only come to play in September … As you seem to have spoken to them -- could you clarify???

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