Lawbitrage

Lawbitrage Links (10/27/11)

"[I]t does not appear to be likely that the [proposed Greek] restructuring will trigger payments under existing CDS contracts" (ISDA Q&A, updated 10/27/11).

A short history and definitions of the restructuring CDS credit event (Markit, pages 23-25).

"[S]tates with larger budgets examine more banks independently" rather than with federal examiners (Marcelo Rezende).

Risk management lessons from Margin Call (Dave Ingram and Max Rudolph).

FDIC's discretion in determining the payment priority of failed bank creditors (Reed Smith).

A bill that would increase the maximum number of shareholders permitted for private companies to 1000 from 500 obtains committee approval (CCH).

...which is something I argued for in 2008 in the context of hedge funds for retail investors (Fending for Themselves).

Lawbitrage Links (10/19/11)

Basel III implementation is slow going (Financial Times).

Hedge fund manager calls for Greek CDS payout due to restructuring (Businessweek).

Asset managers and brokers are unhappy with the European naked swaps ban (Financial News).

Some evidence about what boards do (Organizations and Markets).

A critique of Fiero v. FINRA, which held that the latter had no authority to enforce fines in court (Race to the Bottom).

What the swaps market may look like post-regulation (Financial Times).

Lawbitrage Links (10/16/11)

Senate may be an obstacle to an SRO for investment advisers (Investment News).

Is the drop in PrimeX a harbinger or a hiccup? (Adam Tepkin at Reuters)

Moody's upgrades CLOs (4-traders.com).

The ILPA's new principles of private equity governance (Debevoise & Plimpton).

CFTC Chair Gensler warns of regulatory arbitrage in US-EU derivatives transactions (Jim Hamilton).

Lawbitrage Links (10/13/11)

A comprehensive review of academic research on securitization (Gary Gorton and Andrew Metrick).

Conflicts between U.S. and EU derivatives regulation (Shearman & Sterling).

The evolving infrastructure of OTC derivatives (TABB Group).

Renewed focus on reps and warranties in credit agreements (Rueters).

A comprehensive review of academic research on behavioral corporate finance (Malcolm Baker and Jeffrey Wurgler).

The Financial Stability Oversight Council's approach to determining whether hedge funds and other nonbanks are systemically risky (Jim Hamilton).

Lawbitrage Links

Lessons learned from the ZING Cayman CDO bankruptcy (Katten Muchin; Structured Credit Investor ($)).

Corporate director and officer liability, without culpability (D&O Diary).

Improving mortgage servicing with better compensation structures (Federal Housing Finance Agency).

Lehman and BofA settle derivatives disputes (Businessweek).

Actively managed ETFs are growing (Traders Magazine).

...and how they are taxed, regulated, and structured (Journal of Taxation and Regulation of Financial Institutions ($)).