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 The Rouse Company LP.
Rouse is a subsidiary of General Growth Properties, Inc., the Chicago-based real estate company. Rouse was reported to have failed to pay more than $2 billion in debt on March 16.
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.
