CDS changes considered in wake of Thomson restructuring


After a series of difficulties hit auctions to cash-settle credit derivatives referencing French media firm Thomson last month, dealers are considering making further changes to the European credit default swap (CDS) market.

Any alterations would follow the small bang protocol earlier this year, which changed the mechanism for dealing with restructuring credit events to make them compatible with central clearing. Thomson is the first restructuring to have occurred under the small bang protocol

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