Credit default swaps

With a bang

Isda's big bang protocol has standardised the credit default swap market, giving buy-side credit firms a voice but also stripping some flexibility from the market. However, the new regime is posing some challenges for end-users. Peter Madigan reports

Net benefit

Meant to minimise counterparty risk, the idea of clearing for credit derivatives has been riddled with questions from the outset. But new research suggests the plans might actually increase counterparty exposures. Mark Pengelly investigates

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