Banks support Isda European credit ruling

Investment banks have signalled their support for the International Swaps and Derivatives Association’s April 5 decision to drop ‘obligation acceleration’ and ‘repudiation/moratorium’ as credit events for standard default swap transactions in Europe. Since April 15, quotes given on standard default swaps on non-sovereign, non-emerging market credits in Europe are now made in reference to a market standard that includes only ‘bankruptcy’, ‘failure-to-pay’ and ‘restructuring’ as credit events