The importance of credit risk management has certainly ballooned over the past few years, with increasing competition for yield. With that in mind, the International Association of Credit Portfolio Managers (IACPM) is heading into 2007 with a new board of directors and an agenda that includes standard form contracts on credit default swaps (CDS), as well as discussion of the implications of converging credit desks, the use of insider information and the increasing amounts of leverage in the market.

The group began in 2001 as an industry association with the intention of increasing awareness and furthering the practice of risk management. Today, within the world of CDS, the organization is looking at issues such as how to hedge an undrawn revolver - how much to pay on its undrawn exposure - and cancelable versus noncancelable contracts.

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