China CDS users slow to embrace new credit event panel
Decisions from Nafmii determinations committee yet to be switched on in agreements
Seven months after it was created, users of credit derivatives in China are still updating their documentation to reference the onshore market’s new determinations committee (DC).
In December last year, China’s National Association of Financial Market Institutional Investors (Nafmii) announced the formation of a new industry committee to rule on whether credit derivatives events in the onshore market have occurred and credit default swap (CDS) contracts will pay out. But lawyers say many buyers
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