Isda Delphi protocol in the works and bond auction scheduled

In its draft form, the 2005 Delphi CDS Index Protocol allows investors to change from a physical to cash settlement. In the past, almost all contracts were based on physical delivery, but because the sheer size of transactions prompted by Delphi, cash settlement would make the process much more efficient. In addition, the protocol will improve legal clarity, as there are a large number of unconfirmed trades.

Isda also scheduled a multilateral bond auction to determine the final price of certain Delphi bonds. Both market and limit orders are to be submitted simultaneously. The auction is for dealers only, but market participants – regardless if they opt-in to the protocol – can place their orders indirectly through a dealer. The auction will be held on Thursday, November 3.

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here