The International Swaps and Derivatives Association, Inc. (ISDA) today announced that, after consultation with industry participants, it will launch protocols to facilitate settlement of credit derivative trades involving Landsbanki Íslands hf and Glitnir Banki hf, for each of which a “receivership committee” was appointed on Tuesday, October 7, 2008.
The Protocols will be open to ISDA members and non-members alike. ISDA will publish further details in due course and these will be available at www.isda.org
ISDA’s protocol mechanism has helped facilitate a seamless settlement procedure for other trades. Recently, ISDA announced it had successfully implemented Protocols for credit derivative transactions referencing Tembec, Fannie Mae and Freddie Mac. The adherence period for the Lehman Brothers Holdings Protocol closes today, October 8. The auction date is scheduled for October 10. Markit and Creditex administered the auctions.
