Should Derivatives be Privileged in Bankruptcy?

Derivative contracts, swaps, and repos enjoy "super-senior" status in bankruptcy: they are exempt from the automatic stay on debt and collateral collection that applies to virtually all other claims. We propose a simple corporate finance model to assess the effect of this exemption on firms' cost of

衍生品合约、掉期（swaps）与回购协议（repos）在破产程序中享有“超级优先”地位：此类合约不受几乎适用于所有其他债权的债务与担保品收缴自动中止（automatic stay）条款的约束。我们提出了一个简单的公司金融模型，用以评估该豁免条款对企业的（原文表述未完整）的影响。