{"id":5684,"date":"2014-10-11T00:00:00","date_gmt":"2014-10-11T05:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2014\/10\/credit_suisse_goldman_sachs_jp"},"modified":"2022-05-06T11:55:36","modified_gmt":"2022-05-06T16:55:36","slug":"credit-suisse-goldman-sachs-jp","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/credit-suisse-goldman-sachs-jp\/","title":{"rendered":"Credit Suisse, Goldman Sachs, JPMorgan, and 16 Other Banks Agree to Swaps Contract Modifications to Assist Failed Firms"},"content":{"rendered":"\n

JPMorgan Chase & Co. (JPM)<\/a>, HSBC Holdings Plc (HSBA), Goldman Sachs Group Inc. (GS), Credit Suisse (CS)<\/a>, and fourteen other big banks have agreed to changes that will be made to swaps contracts. The modifications are designed to assist in the unwinding of firms that have failed.<\/p>\n

Under the plan, which was announced by the International Swaps and Derivatives Association, banks\u2019 counterparties that are in resolution proceedings will postpone contract termination rights and collateral demands. According to ISDA CEO Scott O\u2019Malia, the industry initiative seeks to deal with the too-big-to-fail issue while lowing systemic risks.<\/p>\n

Regulators have pressed for a pause in swaps collateral collection. They believe this could allow banks the time they need to recapitalize and prevent the panic that ensued after Lehman Brothers Holdings Inc. failed in 2008. Regulators can then move the assets of a failing firm, as well as its other obligations, into a \u201cbridge\u201d company so that derivatives contracts won\u2019t need to be unwound and asset sales won’t have to be conducted when the company is in trouble. Delaying when firms can terminate swaps after a company gets into trouble prevents assets from disappearing and payments from being sent out in disorderly, too swift fashion as a bank is dismantled.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

JPMorgan Chase & Co. (JPM), HSBC Holdings Plc (HSBA), Goldman Sachs Group Inc. (GS), Credit Suisse (CS), and fourteen other big banks have agreed to changes that will be made to swaps contracts. The modifications are designed to assist in the unwinding of firms that have failed. Under the plan, which was announced by the […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3751,3756,3820,3817,3818,3752,3947,3958,3990,3787,4036,3972,3755],"tags":[],"class_list":["post-5684","post","type-post","status-publish","format-standard","hentry","category-bank-of-america","category-barclays-capital","category-citigroup","category-credit-suisse","category-deutsche-bank","category-financial-firms","category-goldman-sachs","category-jp-morgan-chase","category-lincoln-financial-advisors","category-morgan-stanley","category-royal-bank-of-scotland","category-swap-transactions","category-ubs"],"yoast_head":"\nCredit Suisse, Goldman Sachs, JPMorgan, and 16 Other Banks Agree to Swaps Contract Modifications to Assist Failed Firms — Investor Lawyers Blog — October 11, 2014<\/title>\n<meta name=\"description\" content=\"JPMorgan Chase & Co. 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