Isda takes first steps to settle Dura CDS

Isda said the protocol will allow cash settlement of single-name and tranche trades - previous protocols have covered only index trades.

An auction on November 28, run by the UK market data provider Markit and the US electronic trading platform Creditex, will determine the final settlement price for Dura's bonds. Cash settlement is expected on December 12, Isda said.

Isda has created a number of protocols to deal with the increasing problems facing the US auto industry. The most recent dealt with an index CDS (credit default swap) involving Dana, another auto parts supplier, which filed for bankruptcy in March this year.

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