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ISDA sets auction terms for Rouse credit derivatives trades
By Susanna Moon
Chicago, March 20 - International Swaps and Derivatives Association, Inc. said it will launch a credit default swap auction protocol to facilitate the settlement of credit derivatives trades referencing Rouse Co. LP.
Rouse is a subsidiary of General Growth Properties, Inc., a Chicago-based real estate company. Rouse reportedly failed to pay more than $2 billion in debt on March 16.
The auction will be administered by Markit and Creditex.
ISDA said it will publish the auction on its web site.
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