Private Regulation series
Chapter 2: Private regulation in the credit default swaps market: the role of ISDA in the new regulatory scenario of CDSs
The recent financial crisis has focused attention on credit derivatives and, among them, credit default swaps (CDSs). These contracts arose in response to the demand by financial institutions for a mean of hedging and diversifying credit risk. They are designed to measure and manage credit risk by providing insurance against potential losses suffered due to credit events. The aim of this chapter is to analyze, from a general perspective, over-the-counter (OTC) derivatives and to focus on the CDS market before and after the financial turmoil, paying specific attention to the role of private regulation and enforcement.
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