Given the TBTF's dominant oligopoly of the credit derivatives market (due mainly to the large exchange's unwillingness to act appropriately when they know the blow-back from their sell-side clients would be considerable), it is perhaps surprising that ISDA (the body that 'regulates' watches over and determines credit events in the CDS market) is coming under increasing pressure to honor the spirit of CDS contract after the FUBAR debacle surrounding the Greek restructuring. As Katy Burne
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