LCDS protocol update

The International Swaps and Derivatives Association has launched the 2008 European loan credit default swap update protocol. The protocol is designed to amend transactions documented using the European LCDS standard terms supplement and form of confirmation that were published on July 30, 2007 to reflect the new templates published on March 12, 2008. Isda says a protocol to facilitate cash settlement of European LCDS is currently under development.