Post by Sapphire Capital on Aug 21, 2008 22:46:12 GMT 4
Credit Derivatives and Market Conduct - An Update
Etay Katz
Allen & Overy
Law and Financial Markets Review, Vol. 2, No. 4
Abstract:
This article examines the market conduct implications of trading credit derivatives armed with non-publicly available information concerning the underlying credit. Given the rapid diversification of credit market participants and the immense growth in credit derivatives products and liquidity, this has evolved into a topic of great significance. Regulatory authorities continue to deliver warning messages concerning adherence to proper standards of market conduct in credit derivative markets. Analysis of the technical legal provisions that govern this area reveal, however, an unsatisfactorily uncertain position which would benefit from a co-ordinated effort by key regulators to clarify this important area of regulation.
papers.ssrn.com/sol3/papers.cfm?abstract_id=1174089
Etay Katz
Allen & Overy
Law and Financial Markets Review, Vol. 2, No. 4
Abstract:
This article examines the market conduct implications of trading credit derivatives armed with non-publicly available information concerning the underlying credit. Given the rapid diversification of credit market participants and the immense growth in credit derivatives products and liquidity, this has evolved into a topic of great significance. Regulatory authorities continue to deliver warning messages concerning adherence to proper standards of market conduct in credit derivative markets. Analysis of the technical legal provisions that govern this area reveal, however, an unsatisfactorily uncertain position which would benefit from a co-ordinated effort by key regulators to clarify this important area of regulation.
papers.ssrn.com/sol3/papers.cfm?abstract_id=1174089