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Re: CDS big bang market
You were searching for the CDS big bang market, so for that I am sharing the information with you: Executive Summary The CDS contract itself as well as how it is traded are about to undergo significant changes. The changes to the CDS contract are global changes. However, there are convention changes that for the foreseeable future will only apply to North American CDS. Rather than altering aspects of the CDS market piecemeal over time, both contract and convention changes will be implemented simultaneously in what has become known as the CDS Big Bang. Currently, many of these changes are expected to take place on April 8th; however, that date is subject to revision. Additionally, the specific contract and convention changes outlined in this report may potentially change prior to implementation. Why is the CDS Market Changing? The CDS market has experienced phenomenal growth that has attracted the interest of dealers, investors, and regulators. This growth has focused attention on enhancing the infrastructure of the CDS market in order to achieve T+0 or same day trade matching, the elimination of offsetting trades, and centralized clearing. The global contract and North American convention changes are designed to improve the efficiency of these industry priorities. Global Contract Changes There are three changes to the CDS contract and they are global. First, the contract will be changed to hardwire the auction mechanism for CDS following a credit event. Currently, participants in the CDS market must sign up for a separate protocol for each auction. Second, Determination Committees will be formed For more information, download the PDF file provided below: |
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