--Eleni Himaras
The International Swaps and Derivatives Association is preparing standardized documents for first-to-default-swaps and nth-to-default swaps, which market participants say will cut down the times to trade the swaps and make it possible for trades to be confirmed in a repository.
The structures involve buying or selling protection on a basket of equally-weighted single credits with a payout triggered when any one of the names defaults. Depending on the type of structure, that payout happens when the first ....