The recent Greek debt restructuring raised questions around the complexity of derivative contracts and the potential implications of a credit event. This seminar will discuss the process through which the ISDA Credit Derivatives Determinations Committee decides whether a credit event has occurred, in specific factual circumstances, and the detail of standardised CDS contracts. The event will assess potential conflicts of interest in this process and how they are managed, and will also examine political pressures therein, and what these mean for market efficiency and integrity.
The CDS business performs an important function in risk management for many different types of market participant. The debate will also focus on the economics of the CDS market and the role of market transparency in limiting opacity and risks of contagion among financial and non-financial institutions.
- What is a credit event, who decides when it should be triggered, and how?
- What can we learn from the Greek CDS credit event?
- Is additional regulatory oversight over this private competent body necessary?
- Or would more intrusive oversight itself call market integrity into question?
- Are there risks of disorderly market effects from the sovereign CDS business?
- Do regulators have sufficient and appropriate transparency regarding sovereign CDS activity and net positions?
- Does the CDS market increase interconnection and risks of contagion?
Registration
- Follow the link below to register online.
- ECMI members, CEPS members, European institutions, national authorities, academics and press are admitted free of charge. Non-members may be admitted for €100 paid in cash at registration. A sandwich lunch will be served before the event (€6).
- If you experience any problems during registration contact Isabelle Tenaerts at [email protected] or phone 0032 2 229 39 56.
