The International Swaps and Derivatives Association (ISDA) is the “regulatory” body who determines when a default occurs for a financial instrument backed by credit default swaps (CDS).  Why is this so important?  The five largest banks in the U.S. control 97% of all CDS’s.  If a default on a Greek Bond occurs, the CDS or … Continue reading ISDA: The most powerful financial institution in the world (for now)