The International Swaps and Derivatives Association is sending market participants proposed rules pertaining to credit default swaps. "This will involve a redraft of the entire credit derivatives booklet. We want to get feedback on the key changes before we do that," said Mark New, assistant general counsel at ISDA. Among the changes: allowing sovereign-debt restructurings to tap nonfinancial assets. For example, debt holders could be promised the rights to certain exported commodities in exchange for their participation.

Related Summaries