This will confirm our conversation today regarding which European jurisdictions are approved for trading credit derivatives: the U.K., Sweden, Norway, Finland and Switzerland. The European jurisdictions which are not approved to trade credit derivatives include: France, Germany, Gibraltar, Ireland, Italy, Scotland, Spain, and The Netherlands. For banks incorporated in a non-approved jurisdiction, it may be possible for them to trade out of a branch located in an approved jurisdiction (i.e. U.S. and U.K. branches). This would have to be determined on a case by case basis. Per our conversation, Canada is also not an approved jurisdiction for credit derivatives. Please let me know if there are any changes to this list.

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Credit Derivatives - Approved Jurisdictions