ISDA paper highlights concerns over European Bank Recovery and Resolution Directive stay protocols

The International Swaps and Derivatives Association (ISDA) published a comment paper this month regarding stay protocols under the European Bank Recovery and Resolution Directive (BRRD). ISDA has strong concerns about proposed amendments to stay protocols – called moratoria under the BRRD – and the risks this introduces into markets. A big concern is the differences in regulatory regimes that preference one region’s capital markets industry over another.
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