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 Chemtura Corporation, a global manufacturer and marketer of specialty chemicals.
On March 18, Chemtura announced that it and 26 of its US affiliates have filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York to facilitate financial restructuring.
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. The auction will be administered by Markit and Creditex.
