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Now, the question is, how many of those wild-and-crazy pencil pushers will swap pay for playtime?
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Decisions about when a swap pays out are made by a trade group called the determinations committee of the International Swaps and Derivatives Association.
They buy a corporate bond and enter into an interest-rate swap, paying a fixed rate and receiving the three-month London interbank rate (LIBOR) for the life of the bond.
She is also on the I.S.D.A. panel, which will determine if credit default swaps pay off.
Though the swaps pay off only in case of default, the swings in price also allow buyers to hedge against fluctuations in the price of the underlying bonds.
Those swaps paid immediate dividends, with Constantine scoring in the first minute of the second half.
One, they ensure that the seller of the swap can pay up on its promise.
But some lawyers don't think it will cause the default swaps to pay out, since subordination is narrowly defined in the swaps' contracts.
On Thursday, the International Swaps and Derivatives Association, the industry body that decides whether swaps should pay out, said that Greece's proposed debt exchange did not currently activate swaps linked to the country's debt.
(Fear that a bond will default? Buy a swap that pays out in the event).
Now, industry officials will have to decide whether the credit-default swaps will pay out.
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