Markit today announced that, in response to the bankruptcy filing of General Motors Corporation on 01 June 2009, Markit LCDX index dealers have voted to run a Credit Event Auction to facilitate settlement of loan-only credit default swap (LCDS) trades referencing the company, which is a constituent of series 8, 9, 10, and 12 of the Markit LCDX index.
The auction terms, including the auction date, will be determined by Markit LCDX dealers according to LCDS Auction Rules published on the International Swaps and Derivatives Association (ISDA) website. Markit and Creditex are the official administrators of Credit Event Auctions. The auction date and an auction timeline will be posted on www.creditfixings.com.
A separate Credit Event Auction will be held to facilitate the settlement of CDS trades referencing General Motors Corporation, which is a constituent of the Markit CDX North America High Yield index (HY5-12).
The Credit Event Auction process was launched in 2005 by Markit and Creditex in collaboration with the International Swaps and Derivatives Association and major credit derivative dealers. Since then, Markit and Creditex have conducted over 55 Credit Event Auctions and the process has become an integral part of CDS market infrastructure.
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