Event fixing's new first

The credit event fixing held to determine the price of credit default swaps referencing defaulted auto supplier Dura Operating Corp. in November brought cash settlement to single-name CDS for the first time.

Previous fixings such as that used to determine the price for Dana Corp had only enabled cash settlement of index trades and tranches.

The Dura auction was held by derivatives broker Creditex and data provider Markit in conjunction with 12 credit derivative dealers on November 17.


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