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Flexibility At The Expense Of Clarity: Statement On Adoption Of Exchange Act Rules 9j-1 And 15fh-4(c), SEC Commissioner Hester M. Peirce June 7, 2023

<p><span>Thank you, Mr. Chair. As we have just heard, today the Commission will vote on finalizing Rule 9j-1, which would prohibit fraud and manipulation involving purchases and sales of security-based swaps, and Rule 15fh-4(c), which would prohibit coercion, manipulation, or deception of a security-based swap entity’s chief compliance officer. Although I agree with the objectives of these rules—namely, to reduce the incidence of misconduct in the security-based s...
Carol Mcgee Pam Carmody International Swaps Derivatives Association Funds Association Narrowly Tailored Credit Event Protocol

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Settlement of Credit Default Swaps Referencing Russian Federation Bonds: Issues and Uncertainty | Quinn Emanuel Urquhart & Sullivan, LLP

On June 1, 2022, the Credit Derivatives Determinations Committee announced that Russiaโ€™s failure to pay approximately $1.9 million in interest that had accrued between the maturity date...
United States Russian Federation Quinn Emanuel Urquhart Sullivan Quinn Emanuel Russian Federation It Credit Derivatives Determination Committee

Credit Derivatives - Finance and Banking

To print this article, all you need is to be registered or login on Mondaq.com. This practice note focuses on credit default swaps (CDS) (both single-name and index) and provides a high-level overview of their functioning, with a particular emphasis on corporate CDS. Although the product may appear relatively simple at first sight, it is governed by a complex set of rules. Investors should seek to fully understand their terms before they trade the product in an effort to...
United States Commodity Futures Trading Commission International Swaps Determinations Committee Derivatives Association Securities Exchange
Source: mondaq.com

Decoding Derivatives – Q1 2021 | Kramer Levin Naftalis & Frankel LLP

Europcar Drives CDS Down a Familiar Path When Europcar defaulted on its debt, buyers of approximately $100 million of credit default swap (CDS) protection expected significant payouts due to the anticipated low recovery on Europcar bonds and loans. However, a short squeeze in the CDS auction resulted in a CDS final price of 100, representing a zero recovery for protection buyers on their CDS contracts. Short squeezes are not a new phenomenon in CDS. In the case of Europcar, the squeeze resulted...
Thomas Cook Nabors Industries Kramer Levin Naftalis Frankel Kramer Levin Naftalis Cleveland Cliffs Reference Entity

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