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This could trigger the unwind of credit protection, market disruption, panic on the streets and a slew of [[tedious]] [[silver circle law firm|silver circle]] client bulletins.<ref>But nowhere near so [[tedious]] as their mountainous bulletins on [[regulatory margin]]. Enough already, guys!</ref> | This could trigger the unwind of credit protection, market disruption, panic on the streets and a slew of [[tedious]] [[silver circle law firm|silver circle]] client bulletins.<ref>But nowhere near so [[tedious]] as their mountainous bulletins on [[regulatory margin]]. Enough already, guys!</ref> | ||
The answer was to build into the | The answer was to build into the {{cddprov|Failure to Pay}} definition the requirement for “credit deterioration”. This is what the [[2019 Narrowly Tailored Credit Event Supplement to the 2014 ISDA Credit Derivatives Definitions]], which can be retrofitted to older models by means of the [[ISDA 2019 NTCE Protocol]], does. Implementation date expected to be 13 January 2020. | ||
{{sa}} | {{sa}} |