TY - JOUR
AB - Capital Markets Law Journal, Vol. 5, No. 3 265 CMLJ Express as the treatment of certain client money g Credit default swaps: lessons on received by LBIE post-insolvency. The main the role of private ordering in objectives of the client money rules issued by mitigating systemic risk (see p. 267) the UK Financial Services Authority are to John Williams and Vinod Aravind ensure that a firm cannot use client money for This article considers the contractual and its own dealings, and that on insolvency clients operational architecture of credit default receive their money back in full. However, swaps to determine whether private ordering as the insolvency of LBIE has demonstrated, of the CDS market can help to mitigate that may not always be the case in practice. systemic risk and, if so, under what conditions. The implications of the Lehman judgment and It deals only with credit default swaps referen- the Government’s response to the client money cing corporations, and does not address the issues arising out of LBIE’s insolvency are also somewhat more infamous credit derivatives discussed. referencing asset-backed securities or CDOs. The article focuses on the two most significant g The Lehman aftermath: Hong recent changes to 
TI - A rapid-read overview of the main items in this issue
JO - Capital Markets Law Journal
DO - 10.1093/cmlj/kmq014
DA - 2010-07-08
UR - https://www.deepdyve.com/lp/oxford-university-press/a-rapid-read-overview-of-the-main-items-in-this-issue-Z5Na07aLjk
SP - 265
EP - 266
VL - 5
IS - 3
DP - DeepDyve
ER -