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There can’t be many credit default swaps written on freshly nationalised SNS Bank. It isn’t among the publicly reported top 1000 single-entity CDS published by DTCC.
Nonetheless the question of whether the Dutch government’s expropriation of SNS subordinated debt constitutes a credit event, triggering payouts on the derivatives, is being debated on Tuesday by the Isda Determinations Committee, which serves as the ultimately arbiter in such cases.
By which we mean, they are debating it again — they decided the first time around to defer the question to get more information or something.
But why should anyone care about some contract that so few parties have an interest in?
Some possibilities below. Mentally circle any that apply.
Continue reading: Oh look the CDS market isn’t working againAre you a Russian company with deposits in Cypriot banks?
Do you feel safe?
Do you read newspapers?
Continue reading: Cyprus doesn’t want a radical rescue, thankyouverymuchWe’ll be resurrecting Alphachat and folding in the infrequently updated Alphaville podcast into a new format at the end of this week.
Well, “format” is probably too polite, since really it’s just going to be Lisa, Izzy, David and I having a chat about a bunch of stuff.
Continue reading: Podcast bleg: what do you want us to talk about?
Letter from Lex - let’s make a deal
The big deal this week was the return of the big deal