News links for 13 February 2013
The non-precedent setting, own-law making, secretive CDS committee is having a seriously bad month | FT Alphaville
"The original party that posed the question of whether a credit event has occurred with SNS did so anonymously. While the credit derivatives industry would perhaps like the casual observer to have the impression that this over-the-counter market is becoming more transparent — thank you, Dodd-Frank — the Isda committee passed a rule change in October 2009 that allows “general interest questions” to be passed to the committee without having to identify oneself.
In the case of SNS Bank, given the headache it’s causing, we’d bet it wasn’t a bank that raised this. We’d like to think their in-house counsel would have warned them against it, given t...
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Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty five years of business experience. He has also been a regular economic and financial commentator in print and on television for the past decade. He speaks six languages and reads another five, skills he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College.