Dura auction breaks new ground

The bankruptcy of US auto parts manufacturer, Dura Operating Corporation, has led to another first for the settlement of credit derivatives trades. The International Swaps and Derivatives Association's 2006 Dura Protocol permitted cash settlement of single-name, index, tranches and other credit derivatives transactions. Previous protocols enabled cash settlement of index trades only.

"We've undertaken the first auction with a mechanism that extends to single-name and bespoke trades," says an

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