The 2006 Dana CDS Index Protocol (the Protocol) relates to settlement issues concerning Dana Corporation (Dana), a U.S. company that filed for bankruptcy on March 3, 2006. Dana is an auto parts supply company that is included in various credit derivative indices, including those published by Dow Jones CDX and TRAC-X. The purpose of the Protocol is to offer market participants an efficient way to address the settlement issues relating to trades on credit derivative indices that included Dana. The Protocol will offer institutions the ability to amend their documentation for the index trades in order to utilize an auction process scheduled for March 31, 2006 to determine the final price for a Dana bond. Markit Group Limited and Creditex, Inc. will administer the auction.
It should be noted that there is no adherence fee associated with ISDA members or non-ISDA members submitting Adherence Letters in connection with the 2006 Dana CDS Index Protocol.
The 2006 Dana CDS Index Protocol is open to ISDA members and non-members.
The Protocol will be open between March 16, 2006 and March 23, 2006.