The disputes over credit default swaps on Greece highlight the fact that most participants in the credit derivatives market are at the mercy of ISDA when it comes to interpretation of ISDA's language. The only solution to that is to exercise one's rights.

Anyone that bought sovereign credit protection on Greece after accepting ISDA "standard" documentation without modifying the language will now find that they are on the wrong side of an "arbitrage."

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The "Too Big To Fail" legislation currently being debated by a House committee has been widely criticized as toothless. But one provision gives the fe...