Isda tweaks cash settlement protocol for Dura auction

The International Swaps and Derivatives Association's new protocol on cash settlement of bankrupt auto supplier Dura Automotive's credit derivatives positions marked further standardisation in the market.

Whereas previous ad hoc Isda protocols have only allowed the cash settlement of index trades, the 2006 Dura CDS Protocol now permits the cash settlement of single-name, tranche and other credit derivative transactions. This is aimed at solving the deliverable issue over outstanding cash bonds

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