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Creditex and Markit Announce Final Results of Lehman Credit Event Auction

Markit and Creditex, in partnership with 14 major credit derivative dealers, have successfully conducted a Credit Event Auction to facilitate the settlement of credit derivative trades referencing Lehman Brothers Holdings Inc., which filed for Chapter 11 bankruptcy protection on September 15, 2008.

The auction was conducted in accordance with the International Swaps and Derivatives Association (ISDA) 2008 Lehman CDS Protocol. Markit and Creditex are the official administrators of Credit Event Auctions.

The Credit Event Auction enabled market participants to cash settle triggered contracts which included single name, index, bespoke tranche and other credit derivative transactions. During the Credit Event Auction, dealers submitted orders electronically on the Creditex platform. The auction submissions were delivered to Markit electronically.