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 Station Casinos, Inc., the Las Vegas-based casino company.
Station Casinos was reported to have failed to make a payment due February 1 on $450 million of 6.5 percent notes due in 2014. The 30-day grace period expired on Tuesday, March 3.
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.
