Carney hails ‘major achievement’ on resolution stays
Protocol sees group of major banks recognise stays across borders
Mark Carney, chair of the Financial Stability Board (FSB), today hailed a new agreement on resolution stays as an "important step" towards ending the problem of too-big-to-fail banks.
The protocol, developed by the International Swaps and Derivatives Association (Isda), was signed by 18 global banks, which have agreed to adopt the requirements in time for the Brisbane G-20 summit in November.
Many derivatives transactions permit counterparties to liquidate, terminate or accelerate the contract
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