The Bank of England (BoE) is one of four major international authorities pushing for changes in the universal language used in derivatives contracts – changes that would prevent the contract holders involved from triggering an "early termination" of the agreement in the wake of a counterparty going bust.

The majority of over-the-counter derivatives transactions are underpinned by a "master agreement" sculpted by the International Swaps and Derivatives Association.

Alongside the BoE, the Federal