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Equity v credit derivatives showdown: Difference between revisions
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This makes determining credit events on these new types of capital instruments fraught, and litigationey. It might have been taken to the woodshed but dear old [[Lucky]], we dare say, will still be filling the coffers of our learned friends for some years yet. | This makes determining credit events on these new types of capital instruments fraught, and litigationey. It might have been taken to the woodshed but dear old [[Lucky]], we dare say, will still be filling the coffers of our learned friends for some years yet. | ||
As FT Alphaville neatly put it: | As [https://www.ft.com/content/dacd39a2-7f70-44e3-91d1-7e300f901dad FT Alphaville] neatly put it: | ||
{{Quote|The logic behind it all may at times seem counterintuitive and faintly ridiculous, but then CDS decisions are frequently counterintuitive and faintly ridiculous. The members of the DC are not supposed to rule on how market participants intended the contracts to behave, but on their strict legal definitions, unintended quirks and all.}} | {{Quote|The logic behind it all may at times seem counterintuitive and faintly ridiculous, but then CDS decisions are frequently counterintuitive and faintly ridiculous. The members of the DC are not supposed to rule on how market participants intended the contracts to behave, but on their strict legal definitions, unintended quirks and all.}} | ||