When global regulators first floated the idea of freezing bilateral derivatives during bank resolutions, asset managers were astounded. Industry groups railed against the proposal; lawyers called it “absurd” and “insane”. Asset managers threatened to dump the contracts at the first sign of trouble.
But with the July 1 go-live date for the Federal Reserve’s resolution stay rule approaching, the overwhelming majority of asset managers have grudgingly fallen into line, along with their
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