Hi every one,Please I am a student undertaking a research paper on: "the differences between what would happen on the occurrence of a credit event before the regime changes and after the regime took effect, (Big Bang Small Bang) using as an example a US entity that experience a Failure to Pay and the current state of the US legislative proposals regarding central conterparties and how they might affect credit derivatives going forward".I do not have an idea on how to approach this research and the scope. Please I need your advice on the issues I will need to address, and an explaination of the concept of Big bang and Small Bang.

A brief overview to start with ishttp://www.markit.com/assets/en/docs/markit-ma ... g-bang.pdf

and http://www.markit.com/cds/announcements ... g_bang.pdf

Balmung, thank you very much for your response. I think it will be very helpful to me. I will study it and get back to you with questions, particularly, the current state of central counterparties and effect of the changes on credit event of Failure to Pay.Have a lovely weekend.

Please I would like to know the current state and terms of U.S Legislative proposal regarding the central counter parties on credit derivatives. And what was the settlement procedure before the emergence of Determination Committee under the Big Bang?Balmung, Thank you so much for your assistance, the materials where so helpful. Please, do you have a word on the above?I would appreciate your usual assistance.