Signs of Life

August is often the cruellest month, at least for journalists. With many financial industry sources on vacation for all or most of the month-and with major announcements and product rollouts on hold until September-reportage can often prove a challenging endeavour during summer's last weeks.

But this year, August appears exceptional.

Just in the past week, ISDA has unveiled significant changes to its protocol for novations, or confirmation of credit derivatives trades, which may help clear up