
TriOptima executes more CDS tear-ups
Hinko also said TriOptima was offering a reconciliation process for distressed single-name CDSs – a pre-default Delphi tear-up is due to take place next week and another one will take place in the event of default.
In addition, a tear-up of the European iTraxx index trades is scheduled to take place on October 11.
The previous triReduce termination cycle on September 8 saw CDS contracts with a notional value of $127 billion torn up, with the total figure in the year-to-date topping $1.23 trillion. The tear-up cycles were cited as playing an important role in investment banks’ efforts to reduce the backlog of unconfirmed CDS trades in an open letter to the Federal Reserve Bank of New York by 14 leading dealers on Tuesday.
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