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Wednesday, April 7, 2010 as of 11:14 AM ET

MassMutual

Founded in 1851, Massachusetts Mutual Life Insurance Company (MassMutual) is a leading mutual life insurance company with 1800 offices and 13 million clients worldwide.

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Wall Street Revamps Credit-Default Swaps For Municipal Bonds

(This article was originally published Monday.

)--"Big Bang" will standardize trades, make them clearable--Adherence deadline was 5 p.m. EDT Monday; high adoption seen--Bankruptcy won't trigger; restructuring, missed payments willNEW YORK -(Dow Jones)- The spike in municipal defaults forecasted for last year never materialized, but that isn't stopping Wall Street from trying to stoke interest in derivatives designed to protect against cities and states not honoring their financial obligations.The efforts, spearheaded by dealer banks like Citigroup Inc. (C) and Goldman Sachs Group Inc. (GS), come as pockets of the muni market are showing signs of distress and as traditional bond insurers struggle to bounce back from blows they sustained in the financial crisis.This week, the industry group that oversees the multitrillion-dollar credit-default-swap market will overhaul the way those insurance-like derivatives work as hedges for municipal bonds. The transformation, known by the code name "...

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