The Auction Settlement and Restructuring Supplement to the 2003 ISDA Credit Derivatives Definitions

This note examines the background to auction settlement becoming the method of choice for the settlement of credit default swaps. It explains how the auction settlement process has been hard-wired into ISDA's documentation framework governing credit default swaps and describes the mechanics of the auction process.

David Johnson, FGB and James Williams, Citigroup Global Markets Limited


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