The International Swaps and Derivatives Association, Inc. (ISDA) today announced that it will launch a CDS auction protocol to facilitate the settlement of credit derivatives trades referencing Nortel Networks Corporation, the Toronto-based telecom giant.
Nortel Networks Corporation announced today that it will seek creditor protection under the Companies’ Creditors Arrangement Act (CCAA) in Canada, along with Nortel Networks Limited (NNL) and certain of its other Canadian subsidiaries.
ISDA will facilitate the process by publishing the Protocol and auction terms on its website www.isda.org, in due course. The Protocol will be open to ISDA members and non-members alike.
