Isda opens Delphi index protocol
The International Swaps and Derivatives Association has opened its Delphi CDS index protocol, aimed at speeding up cash settlement of credit derivatives involving the bankrupt US auto parts manufacturer.
The auction has been postponed 24 hours from its original date to take in a slight delay in preparing the protocol. Only dealers will be allowed to participate, although other market participants will be able to place orders through their dealers.
A recent termination run by tear-up specialist TriOptima terminated single-name and index CDS linked to Delphi to a notional value of over $700 million.
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