Traders Wipe $1 Trillion From Default Swaps Before Overhaul | Bloomberg

Traders are closing positions as they prepare to buy contracts governed by updated rules that take effect on Oct. 6, when benchmark indexes roll into new series.

The overhaul seeks to fix flaws in sovereign and bank swaps that prevented some insurance contracts from paying out as intended since the financial crisis.

via Traders Wipe $1 Trillion From Default Swaps Before Overhaul – Bloomberg.

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