Isda to include single-name trades in cash settlement

Single-name trades could soon be included in the cash settlement of credit derivatives following a default, according to the International Swaps and Derivatives Association (Isda), as the development of a preliminary framework for the process is nearing completion. The new draft protocol, developed by a credit event working committee at Isda, follows an earlier proposal for net physical settlement released in February which failed to gain universal support from market participants.

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