The International Swaps and Derivatives Association (Isda) declared the first restructuring credit event to be settled under its Small Bang protocol on August 12.
A majority of 13 of the 15 members of Isda's Credit Derivatives Determinations Committee for Europe, the Middle East and Africa (EMEA), said a restructuring credit event had occurred in respect of French media and electronics firm Thomson. Bank of America Merrill Lynch and Legal & General voted against.
Both firms declined to comment a
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