Isda takes first steps to settle Dura CDS

The International Swaps and Derivatives Association has released a protocol for settling credit derivatives on Dura, the US auto parts producer that filed for bankruptcy on October 30.

Isda says 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 market data provider Markit and the electronic trading platform Creditex, will determine the final settlement price for Dura bonds. Cash settl

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