8th February 2008
Credit Event Auction Guide (pdf)
5th February 2008
Credit Event Auction for Quebecor World Inc. (pdf)
Creditex and Markit will be conducting the Credit Event Auction for Quebecor World Inc. on 19th February 2008. Please click on the link above to find the Protocol for the auction.
Dana
Creditex and Markit Announce Results of Dana Corp. Credit Event Fixing For Defaulted Bonds
London/New York, March 31, 2006 - Creditex, Inc. ("Creditex") and Markit Group Limited ("Markit"), in partnership with 13 major credit derivative dealers, have successfully conducted a Credit Event Fixing today to generate a cash settlement price for contracts referencing the defaulted bonds of Dana Corporation ("Dana").
Dana, an auto parts supply company, filed for bankruptcy on March 3, 2006, and is included in various credit derivative indices, including those published by Dow Jones CDX and TRAC-X. At 10:55 am EST, the final price for certain Dana bonds was fixed at 75%*.
The Credit Event Fixings are being used as part of the 2006 Dana CDS Index Protocol developed by the International Swaps and Derivatives Association (ISDA) in consultation with dealers and the broader market. The Protocol facilitates the overall settlement of index and index tranche trades by allowing the 340 adhering institutions to cash settle (or cash settle and exchange physical bonds) at the auction price.
The fixing methodology for Dana is substantially similar to that used for the previous fixings held in relation to the defaults of Calpine and Delphi Corporation.
The Credit Event Fixings are designed to ensure a transparent and fair process which is representative of the trading market level. Creditex provides the electronic platform for the operation of the fixings. Markit verifies the inputs to guarantee the integrity of the fixings, calculates the prices and publishes them on a freely available web page, www.creditfixings.com. Dana marks the sixth corporation for which a Credit Event Fixing has been held. Previous Fixings were held for Collins & Aikman, Delta Air Lines, Northwest Airlines, Delphi Corporation and Calpine Corporation.
*updated and amended as of 4:30 pm EST, March 31, 2006
- Ends -
About Creditex
Creditex is the global market leader in e-trading of credit derivatives. The first e-trading platform in credit derivatives, Creditex is used by more than 800 credit derivatives traders at the world's top financial institutions. The platform has electronically executed just under $1 trillion notional in credit default swap (CDS) indices, single-name CDS and standardized structured credit products. In 2005, Creditex pioneered the first Tradeable Credit Fixings, a milestone in bringing additional confidence and transparency to the market by providing a standard benchmark and settlement rate. The firm is also leading the industry in "straight-through processing" initiatives, allowing its growing client base to reduce operational risk and transaction costs. Having received numerous accolades in leading financial media including Credit, Euromoney, Forbes, Institutional Investor, Risk and, most recently, winning the IFR Innovation of the Year Award for pioneering the Credit Event Fixings, Creditex's technology continues to set the standard for innovation in the credit derivatives market. For more information about Creditex, see www.creditex.com
About Markit
Markit Group Limited is the leading industry source of independent pricing and valuations for the global financial and commodities markets. Markit has data contributed by over 60 dealing firms, and its services are used by 400 institutions globally. Areas of product expertise include OTC derivatives (credit, equity, FX, rates, inflation, energy, power, metals and structured products), corporate bonds, syndicated loans, dividend forecasting, and index and ETF management.
Markit has most recently brought price transparency to the European asset-backed securities market with the launch of the first independent ABS pricing service. Its position in the derivatives markets has been acknowledged by the industry with awards from Risk Magazine for Trading Initiative of the Year 2006 (Credit Event Fixings); Structured Finance International's Editor's Award for Advancing Structured Finance 2006; International Securitisation Report's Editor's Award for Innovation 2005; International Financing Review's Innovation of the Year 2005 (Credit Event Fixings); Financial News' Best Derivatives Data Provider 2005; and Institutional Investor's Operations Management Award for Vendor of the Year 2005.
www.markit.com
Tradeable Credit Fixings Press and Client Contact information:
Creditex
Mazy Dar (London) +44 20 7429 3030
Annette Bronkesh (NY) +1 973 778 8648
Markit
Kevin Gould (NY) +1 212 931 4901
Teresa Chick (London) +44 20 7890 5094
Dana Auction Results
The Credit Event Fixings are being used as part of the 2006 Dana CDS Index Protocol developed by the International Swaps and Derivatives Association (ISDA) in consultation with dealers and the broader market. The Protocol facilitates the overall settlement of index and index tranche trades by allowing the 340 adhering institutions to cash settle (or cash settle and exchange physical bonds) at the auction price.
The fixing methodology for Dana is substantially similar to that used for the previous fixings held in relation to the defaults of Calpine and Delphi Corporation.
The Credit Event Fixings are designed to ensure a transparent and fair process which is representative of the trading market level. Creditex provides the electronic platform for the operation of the fixings. Markit verifies the inputs to guarantee the integrity of the fixings, calculates the prices and publishes them on a freely available web page, www.creditfixings.com. Dana marks the sixth corporation for which a Credit Event Fixing has been held. Previous Fixings were held for Collins & Aikman, Delta Air Lines, Northwest Airlines, Delphi Corporation and Calpine Corporation.
*updated and amended as of 4:30 pm EST, March 31, 2006
- Ends -
About Creditex
Creditex is the global market leader in e-trading of credit derivatives. The first e-trading platform in credit derivatives, Creditex is used by more than 800 credit derivatives traders at the world's top financial institutions. The platform has electronically executed just under $1 trillion notional in credit default swap (CDS) indices, single-name CDS and standardized structured credit products. In 2005, Creditex pioneered the first Tradeable Credit Fixings, a milestone in bringing additional confidence and transparency to the market by providing a standard benchmark and settlement rate. The firm is also leading the industry in "straight-through processing" initiatives, allowing its growing client base to reduce operational risk and transaction costs. Having received numerous accolades in leading financial media including Credit, Euromoney, Forbes, Institutional Investor, Risk and, most recently, winning the IFR Innovation of the Year Award for pioneering the Credit Event Fixings, Creditex's technology continues to set the standard for innovation in the credit derivatives market. For more information about Creditex, see www.creditex.com
About Markit
Markit Group Limited is the leading industry source of independent pricing and valuations for the global financial and commodities markets. Markit has data contributed by over 60 dealing firms, and its services are used by 400 institutions globally. Areas of product expertise include OTC derivatives (credit, equity, FX, rates, inflation, energy, power, metals and structured products), corporate bonds, syndicated loans, dividend forecasting, and index and ETF management.
Markit has most recently brought price transparency to the European asset-backed securities market with the launch of the first independent ABS pricing service. Its position in the derivatives markets has been acknowledged by the industry with awards from Risk Magazine for Trading Initiative of the Year 2006 (Credit Event Fixings); Structured Finance International's Editor's Award for Advancing Structured Finance 2006; International Securitisation Report's Editor's Award for Innovation 2005; International Financing Review's Innovation of the Year 2005 (Credit Event Fixings); Financial News' Best Derivatives Data Provider 2005; and Institutional Investor's Operations Management Award for Vendor of the Year 2005.
www.markit.com
Tradeable Credit Fixings Press and Client Contact information:
Creditex
Mazy Dar (London) +44 20 7429 3030
Annette Bronkesh (NY) +1 973 778 8648
Markit
Kevin Gould (NY) +1 212 931 4901
Teresa Chick (London) +44 20 7890 5094