CDS fix seeks support for January lift-off
Manufactured defaults protocol opens on September 13, forcing users to consider valuation impact
Traders of credit default swaps (CDS) are being asked to sign up to amended rules underpinning their contracts from September 16, as part of a plan to stamp out manufactured defaults – or narrowly tailored credit events (NTCEs) – which threaten to undermine the product’s credibility.
The industry-wide protocol, run by the International Swaps and Derivatives Association, will automatically switch adhering parties’ legacy contracts onto the updated standard on January 13, 2020, when the terms
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