Additional Provisions for Senior Non-Preferred Reference Obligations

Additional Provisions for Senior Non-Preferred Reference Obligations

(published December 8, 2017)

The Additional Provisions for Senior Non-Preferred Reference Obligations are intended to provide for the adoption of a new trading standard to address the trading of CDS based on Non-Preferred senior bonds – bonds issued by European Financials that constitute a new layer of debt, ranking below the bank’s normal senior debt but above the bank’s normal Tier 2 subordinated debt.

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