Thomson restructuring tests Isda's small bang protocol


A restructuring of debt by Paris-based media and electronics firm Thomson in June has provided an early test for the International Swaps and Derivatives Association's small bang protocol.

The Isda Europe, Middle East and Africa (EMEA) credit derivatives determinations committee ruled on August 12 that a restructuring event had occurred for credit default swaps (CDSs) referencing the French firm - creating the prospect of the first auction settlement for such an event. This comes just weeks after

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