CSPAN2 Key Capitol Hill Hearings December 10, 2013
Four resolution authorities in four different leading countries to isda, International Wall dealer association. Changing master agreements to facilitate bank resolution. When they realize if any one of them, fdic, the bank of england, bofa in germany or swiss authorities were to try to resolve one of the their major banks, under the isda master agreement, all of the foreign counter parties to swap agreements which number as you know in the trillions, would be able to immediately close out their contracts, net it and run. They are not constrained in the way others are by a stay. Secondly, they ...