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FSB proposes revamped trading contracts, new laws to aid multinational bank cleanups

( September 29, 2014, 09:39 GMT | Official Statement) -- MLex Summary: Financial companies should update contracts with trading partners to recognize emergency stays on derivatives and conversions of bonds, when imposed by regulators abroad in the resolution of a failing bank, the Financial Stability Board proposed. The guidelines aim to help prevent discord over the collapse of a multinational bank until countries can make changes, also proposed today, to recognize resolution actions by foreign authorities. The global regulatory coordinating body pushed for a select group of the biggest banks to immediately apply new industry protocols in derivatives contracts, with a changeover by all big traders by the end of next year....

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