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ISDA to publish credit derivative protocol for Kaupthing Bank
By Susanna Moon
Chicago, Oct. 9 - International Swaps and Derivatives Association, Inc. said that, after consultation with industry participants, it will launch a protocol to facilitate settlement of credit derivative trades involving Kaupthing Bank hf., for which a receivership committee was appointed on Thursday.
The association previously said it will launch credit derivatives protocols for two other Icelandic banks, Landsbanki Islands hf. and Glitnir Bank hf.
The protocol will be open to non-members as well as members.
Further details, to be published later, will be available at isda.org.
ISDA's protocol mechanism has helped facilitate a seamless settlement procedure for other trades, according to an association press release.
The association said it also successfully implemented protocols for credit derivative transactions referencing Tembec, Fannie Mae and Freddie Mac. The auction for Lehman Brothers Holdings protocol is scheduled for Oct. 10.
ISDA represents the privately negotiated derivatives industry.
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