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Credit default swaps in their current form have existed since the early 1990s and increased in use in the early 2000s. By the end of 2007, the outstanding CDS amount was $62.2 trillion, [3] falling to $26.3 trillion by mid-year 2010 [4] and reportedly $25.5 [5] trillion in early 2012.
First, former New York Insurance Superintendent Eric Dinallo has argued credit default swaps should have been regulated as insurance and that the CFMA removed a valuable legal tool by preempting state "bucket shop" and gaming laws that could have been used to attack credit default swaps as illegal. In 1992, the FTPA had preempted those state ...
A daily look at legal news and the business of law: Credit Default Swap Insider Trading Trial Starts On Wednesday, the trial of a Deutsche Bank employee accused of insider trading began. What ...
The act also repealed the exemption from regulation for security-based swaps, requiring credit-default swaps and other transactions to be cleared through either exchanges or clearinghouses. Other provisions affect issues such as corporate governance, 1256 Contracts, and credit rating agencies.
A daily look at legal news and the business of law: More Fallout from Exploding CDSs: Citigroup Sues Morgan Stanley The big banks generally don't sue each other, but that's changing thanks to ...
Credit default swaps are about as opaque an investment as you can get, and the big Wall Street banks aren't much better. In that spirit, here's a delightfully straightforward investment The Motley ...
The option is usually European, exercisable only at one date in the future at a specific strike price defined as a coupon on the credit default swap. Credit default options on single credits are extinguished upon default without any cashflows, other than the upfront premium paid by the buyer of the option. Therefore, buying a payer option is ...
In what has become an observation for the ages, Berkshire Hathaway's (BRK.A) Warren Buffett referred to derivatives as "financial weapons of mass destruction." More recently, George Soros argued ...