ISDA Publishes 2006 Dana CDS Index Protocol.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- The International Swaps and Derivatives Association The International Swaps and Derivatives Association (ISDA) is a trade organization of participants in the market for over-the-counter derivatives. It is headquartered in New York, and has created a standardized contract (the ISDA Master Agreement) to enter (ISDA ISDA See: International Swap Dealers Association ) today announced the publication of a 'protocol' solution, created to facilitate settlement of credit derivative Credit Derivative Privately held negotiable bilateral contracts that allow users to manage their exposure to credit risk. Credit derivatives are financial assets like forward contracts, swaps, and options for which the price is driven by the credit risk of economic agents (private trades involving Dana Corporation, a U.S. company that filed for bankruptcy on March 3, 2006. Dana is an auto parts Auto parts are components of automobiles. They mainly are, in alphabetic order (only car specific articles or articles with car section):
the best known of several U.S. indexes of movements in price on Wall Street. [Am. Hist.: Payton, 202] See : Finance CDX CDX Companion Dog Excellent (AKC Obedience Title) CDX Cyber-Defense Exercise CDX Central Data Exchange CDX Community Development Exchange (UK community development organization) CDX Commercial Data Exchange and TRAC-X. The 2006 Dana CDS Index Protocol offers market participants The term market participant is used in United States constitutional law to describe a U.S. State which is acting as a producer or supplier of a marketable good or service. When a state is acting in such a role, it may permissibly discriminate against non-residents. an efficient way to settle trades on credit derivative indices that include Dana Corp. The Protocol enables institutions to amend their documentation for such index trades from physical to cash settlement and to participate in an auction, scheduled for March 31, 2006, which will determine the final price for certain Dana bonds. Markit and Creditex will administer the auction. "The Protocol mechanism continues to provide a uniquely effective means of ensuring a smooth settlement process for derivative index trades where a credit event has occurred," said Robert Pickel, Chief Executive Officer and Executive Director, ISDA. "All sides of the credit derivatives industry continue to work through ISDA to achieve a longer term solution, as set forth in its Net Physical Settlement Proposal." With the 2006 Dana CDS Index Protocol, ISDA enables parties to amend credit derivative index documents on a multilateral mul·ti·lat·er·al adj. 1. Having many sides. 2. Involving more than two nations or parties: multilateral trade agreements. basis rather than through one-on-one negotiations between all counterparties Counterparties The parties on either side of an interest rate swap or a currency, equity or commodity swap, or to an options or futures position. . In addition to greater efficiency, time and cost savings, using the Protocol will provide enhanced legal certainty A test in Civil Procedure designed to establish that a complaint has met the minimum amount in controversy required for a court to have jurisdiction to hear the case. Under this test, if it is apparent from the face of the pleadings, to a "legal certainty" that the . Single name trades will not be part of the auction process provided for by the Dana Protocol. Thus, single name trades on Dana Corporation remain subject to the physical settlement procedures in those trades' governing documentation. The Protocol is open to ISDA members and non-members alike. The adherence adherence /ad·her·ence/ (ad-her´ens) the act or condition of sticking to something. immune adherence period for the Protocol is March 16 to March 23, 2006. The text of the Protocol and form of adherence letter, guidance on the mechanics of the Protocol, answers to frequently asked questions and details on adherents, are all available at www.isda.org. The auction will determine settlement prices for the following list of bonds. In respect of Dana, the Reference Obligation may be any one of the following: Issuer Coupon Maturity CUSIP ISIN ---------------------------------------------------------------------- Dana Corporation 6.50% 2008 235811AH9 US235811AH93 ---------------------------------------------------------------------- Dana Corporation 6.50% 2009 235811AK2 US235811AK23 ---------------------------------------------------------------------- Dana Corporation 10.125% 2010 235811AX4 US235811AX44 ---------------------------------------------------------------------- Dana Corporation 10.125% 2010 235811AW6 US235811AW60 ---------------------------------------------------------------------- Dana Corporation 9.00% 2011 U23447AC6 XS0133839950 ---------------------------------------------------------------------- Dana Corporation 9.00% 2011 U23447AE2 XS0141884105 ---------------------------------------------------------------------- Dana Corporation 9.00% 2011 235811AS5 XS0133840453 ---------------------------------------------------------------------- Dana Corporation 9.00% 2011 235811AU0 US235811AU05 ---------------------------------------------------------------------- Dana Corporation 9.00% 2011 U23447AA04 USU23447AA04 ---------------------------------------------------------------------- Dana Corporation 9.00% 2011 235811AN6 US235811AN61 ---------------------------------------------------------------------- Dana Corporation 5.85% 2015 235811BA3 US235811BA32 ---------------------------------------------------------------------- Dana Corporation 7.00% 2028 235811AJ5 US235811AJ59 ---------------------------------------------------------------------- Dana Corporation 7.00% 2029 235811AL0 US235811AL06 ---------------------------------------------------------------------- About ISDA ISDA, which represents participants in the privately negotiated derivatives industry, is the largest global financial trade association by number of member firms. ISDA was chartered in 1985, and today has approximately 700 member institutions from 50 countries on six continents Six Continents is a large retail PLC in UK which split into Six Continents Retail known as Mitchells and Butlers plc. The hotels and soft drinks business of Six Continents PLC is now known as InterContinental Hotels Group PLC. . These members include most of the world's major institutions that deal in privately negotiated derivatives, as well as many of the businesses, governmental entities and other end users that rely on over-the-counter derivatives to manage efficiently the financial market risks inherent in their core economic activities. Information about ISDA and its activities is available on the Association's web site: www.isda.org. |
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