But, as regulators reflect further, they will recognize that they cannot rely on the derivatives industry to revise its contracts any more than industrial bankruptcy relies on creditors’ contracts to stop failed firms from being ripped apart. Many simply will not use the contract terms.
监管机构给ISDA的致函要求衍生品行业重写标准合约，以便破产公司的组合不会在递交破产申请后立刻被了结。这是迈向正确方向的一大步。但是，只要监管机构进一步深思就会发现，它们无法像产业破产依赖债权人的合约阻止倒闭公司四分五裂那样指望衍生品行业修订其合约。许多金融公司根本不会用到合约条款。