Approvals for Credit Derivative Counterparties

Per my conversations with Tom and Frank, unless Credit specifically tells us
that a counterparty is a credit derivatives counterparty, the online team
should consider that all U.S. based counterparties are not approved to trade
credit derivatives. Credit will, in the same box where they put "declined" ,
"amended" or "division", put a note that says "credit derivatives" and in
those circumstances only you should consider that I will be indicating
whether or not the counterparty is approved to trade credit derivatives.
Otherwise, I will not be putting an "X" in the box for each and every
counterparty to say they can't trade credit derivatives.

I hope this makes sense to you, call me if it doesn't.