ISDA Wins In Washington Seen Spurring Swap Growth

REGULATIONS

President Bush signed into law an amendment to the U.S. bankruptcy code last week, which was proposed by the International Swap Dealers Association (ISDA), that substantially reduces the credit risk of counterparties involved in interest rate and currency swaps with U.S. corporations.

It appears that one of the benefits of this new law, the downward revision of potential credit exposures, will be a significant volume increase in interest rate and currency swaps.

In fact, Ron Mandle, a banking

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