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Regulatory efforts to tackle the “too big to fail” issue could be nearing a conclusion as legal impediments surrounding swap termination rights that have been hampering a cross-border resolution regime for financial institutions look set be resolved in the coming months, eradicating the threat of future taxpayer bailouts.
After taking a reputational beating in the wake of the crisis, over-the-counter derivatives have struggled to make their business case to politicians around the world, resulting in an unprecedented regulatory overhaul that industry professionals see as a threat to the wider economy.
A proposal to update the ISDA Master Agreement in an attempt to limit the period of protection to limit non-defaulting swaps counterparties in a default scenario is nearing completion and due to be unveiled in the coming weeks.
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