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Safety in turbulent times: upgrading Europe's rules on default and collateral protection

In April 2008, the European Commission presented a proposal to amend the 1998 Settlement Finality Directive and the 2002 Financial Collateral Arrangements Directive. These two pieces of legislation provide essential rules on default and collateral protection. The value of clear rules in these two key dimensions have been amply illustrated by the ongoing financial crisis. This article argues that these rules needed to be upgraded to fit an evolving market place and outlines the major changes agreed upon.