Isda backs settlement process during crisis

The auction process for cash-settling credit derivatives trades has held up well under recent pressure, according to Bob Pickel, chief executive of the International Swaps and Derivatives Association.

Speaking at a symposium held by the organisation in New York on January 22, Pickel said: "Following the Lehman Brothers situation and the conservatorship of Fannie Mae and Freddie Mac, we have been running auctions virtually weekly. The story you can tell across all of it is that the process has

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