This Comment reviews recent proposals to address the "empty creditor" problem. The author argues that previous proposals would do little to reduce the risk that empty creditors will block debt-for-equity exchanges in order to collect credit default swap payments. The author presents an alternative approach that would limit the dangers of empty crediting by modifying the standardized language of swap agreements. Specifically, the author argues for widening the definition of "credit events" to encompass voluntary debt-for-equity exchanges that surpass a certain participation threshold. This reform would benefit the vast majority of credit protection buyers and sellers, while simultaneously reducing deadweight losses resulting from unnecessary bankruptcy filings.
Most exchanges do not report trade direction thus researchers and traders must deduce whether a trade is buyer or seller initiated since this information is required to evaluate models of bid-ask spread components and to understand the market for immediacy. Algorithms that assign trade direction based on the proximity to bid or ask quotes are easily implemented but ignore information readily discernable from orders, changes in the quoted depth and subsequent price movements. Using the New York Stock Exchange Trades, Orders and Quotes database, systematic biases in existing trade direction algorithms are documented that can be rectified by recognizing that the impact on liquidity is the fundamental characteristic underlying order placement. Although this liquidity-based method is difficu...
...In limit order markets without intervention where each tran... of the trade requires an underlying definition of trade origination that may not be readily appar...
... the public market data stream; and (4) to limit the Retail Liquidity Program to securities that tr... Provider program: (1) Limit the definition of ``Retail Order''; (2) modify the definition of ...
... information about the target company in order to evaluate the proposed transaction and to determ... Definition of Confidential Information. The definition of "... Potential buyers will want to limit the definition of confidential information in orde...
...1 to a Proposed Rule. Change and Order Granting Accelerated Approval of a Proposed Rule. ...Customer Limit Order) and NASD Rule 2111 (Trading Ahead of Custom... of the proposed rule change, FINRA's definition of ``OTC Equity Security'' was revised to mean any...
... Court from a three-judge District Court order directing California to remedy two ongoing v... the two cases are interrelated, their limited consolidation for this purpose has acertain utilit... that it proposed this very definition of primarycause to the three-judge court. "Primary...
... information about the target company in order to evaluate the proposed transaction and to determ.... Definition of Confidential Information . The definition of "c.... Potential buyers will want to limit the definition of confidential information in orde...
... Act) excluded family offices from the definition of investment adviser under the Investment Adviser... a rule defining the term "family office" in order to identify the entities eligible for the exclusio... meet this definition, a family office must limit the investment advisory services it provides to th...
The Department of Labor (the Department) is amending its regulations governing the certification of the employment of nonimmigrant workers in temporary or seasonal non-agricultural employment and the enforcement of the obligations applicable to employers of such nonimmigrant workers. This Final Rule revises the process by which employers obtain a temporary labor certification from the Department for use in petitioning the Department of Homeland Security (DHS) to employ a nonimmigrant worker in H-2B status. We have also created new regulations to provide for increased worker protections for both United States (U.S.) and foreign workers.
...Generally, that period of time will be limited to 1 year or less, except in the case of a one-tim... 655.44 and providing a new definition of full-time and a slightly modified definition of... Disclosure of Job Order... 0.26 0.26 2.63. Oth...
... the following reasons, we will vacate the order of the District Court and remand for further proce... the language "right to payment" in the definition of "claim" meant "nothing more nor less than an en... Lender may, except as limited by regulations issued by the Secretary in the case...
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