Deadline looms for Isda group on resolution protocol

Working group still grappling with capital, timing, bankruptcy issues

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A little over a week after this article is published, over-the-counter derivatives dealers are expected to make a leap of faith. A working group representing 18 banks is due to agree terms for the surrender of one of the OTC market's fundamental protections – the no-mess, no-fuss right to terminate a trade when a counterparty defaults.

If that counterparty is a big dealer – and if regulators are trying to put it back on an even keel – those termination rights could jeopardise the financial syste

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