A Revolving Door Farce: CFTC Commissioner Bails To Head Regulator's Biggest Opponent

This may seem like a stretch to the uninformed, but this type of regulatory capture of the CFTC by the ISDA will ultimately cause a market meltdown.

http://www.zerohedge.com/news/2014-07-23/revolving-door-farce-cftc-commissioner-bails-head-regulators-biggest-opponent

CFTC Vacates CME Clearing Europe Limited Registration as a Derivatives Clearing Organization

The canary in the coal mine:  the CME no longer wishes to be the clearinghouse for European derivatives.  If I were a holder of Greek credit default swaps, I would unload them before they turn into toilet paper--if they haven't already.  With the ISDA not acknowledging the 74% haircut in Greek bonds as a credit default "event", CDS holders basically own the equivalent of a life insurance policy of a corpse--only the coroner just declared the corpse a living and breathing entity.  So run along you bankers and hedge fund managers:  you hedged correctly, but we ain't paying out these insurance claims, because the patient ain't dead until we say it's dead. 

http://www.cftc.gov/PressRoom/PressReleases/pr6208-12

Here's the problem:  the patient is dead.  And so it will be with the neighboring patients on life support as well.

ISDA Says Greece In Default, CDS Will Trigger

In the most predictable event category: the ISDA finally declared Greece has defaulted.  The market's ho-hum response is also predictable.  But then again, markets yawned in 2008 initially.

http://www.forbes.com/sites/afontevecchia/2012/03/09/on-greece-defaults-and-the-future-of-derivatives/