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Banks accept derivatives rule change to end 'too big to fail' scenario
By Huw Jones
Reuters
Saturday, October 11, 2014
LONDON -- The $700 trillion financial derivatives industry has agreed to a fundamental rule change from January to help regulators to wind down failed banks without destabilising markets.
The International Swaps and Derivatives Association (ISDA) and 18 major banks that dominate the market will now allow financial watchdogs to apply temporary stays to prevent a rush to close derivatives contracts if a bank runs into trouble, the ISDA said on Saturday.
A delay would give regulators time to ensure that critical parts of a bank, such as customer accounts, continue smoothly while the rest is wound down or sold off in an orderly way. ...
Under the new contract terms, default clauses in derivatives contracts such as interest rate or credit default swaps would be suspended for a maximum of 48 hours. ...
... For the remainder of the report:
http://www.reuters.com/article/2014/10/11/us-banks-derivatives-regulatio...
Jim Sinclair's Next Market Seminar Will Be Held Nov. 15 in San Francisco
Mining entrepreneur and gold advocate Jim Sinclair will hold his next market seminar from 10 a.m. to 3 p.m. on Saturday, November 15, at the Holiday Inn at San Francisco International Airport in South San Francisco, California. Admission will be $100. For more information and to register, please visit:
http://www.jsmineset.com/2014/10/10/san-francisco-qa-session-announced/
Join GATA here:
New Orleans Investment Conference
Hilton New Orleans Riverside Hotel
New Orleans, Louisiana
Wednesday-Saturday, October 22-25, 2014
https://jeffersoncompanies.com/landing/noic2014?IDPromotion=614011014520...
Mines and Money London
Business Design Centre
London, England, U.K.
Monday-Friday, December 1-5, 2014
http://www.minesandmoney.com/london/
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