Give-up agreement can survive CFTC attack, Isda event told
Despite a CFTC proposal that attacks an industry clearing document, the core of the text can survive, says lawyer at Isda's New York conference
An industry attempt to develop standard documentation for cleared over-the-counter derivatives trades may have been slapped down by the Commodity Futures Trading Commission (CFTC) in a proposed rule-making on July 19, but those involved in the project aren't giving up on it yet. The CFTC's proposals – rushed out a month after the document first saw the light of day – take direct aim at a controversial annex that would bind in a third party to the otherwise bilateral agreement, but according to
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