SPECIAL REPORT-U.S. banks moved billions in trades beyond CFTC's reach: "The products affected by that loophole include some of the most widely traded financial derivatives in the world - such as interest rate swaps, where a bank takes a fee for exchanging a variable-rate interest payment for a fixed rate with a client, and credit default swaps, a sort of insurance where one party, often a bank, agrees to pay another party in the event of a bond default."
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