2008 LANDSBANKI CDS PROTOCOL, 2008 GLITNIR CDS PROTOCOL, 2008 KAUPÞING CDS PROTOCOL

The 2008 Landsbanki CDS Protocol relates to settlement issues concerning Landsbanki Íslands hf ("Landsbanki"), that was subject to the appointment of a "receivership committee" on Tuesday October 7, 2008. The 2008 Glitnir CDS Protocol relates to settlement issues concerning Glitnir Banki hf ("Glitnir"), that was subject to the appointment of a "receivership committee" on Tuesday October 7, 2008.  The 2008 KaupÞing CDS Protocol relates to settlement issues concerning KaupÞing Banki hf ("KaupÞing "), that was subject to the appointment of a "receivership committee" on Wednesday October 8,2008.  Each of the 2008 Landsbanki CDS Protocol, the 2008 Glitnir CDS Protocol and the 2008 KaupÞing CDS Protocol are referred to as the “Protocol(s)”. 

The purpose of the Protocol(s) is to offer market participants an efficient way to address the settlement issues relating to credit derivative transactions referencing Landsbanki, Glitnir and KaupÞing (as appropriate). The Protocol(s) will offer institutions the ability to amend their documentation for various credit derivatives transactions in order to utilize an auction scheduled for:

  1. November 4, 2008 to determine the final price for certain Landsbanki obligations pursuant to the 2008 Landsbanki CDS Protocol;
  2. November 5, 2008 to determine the final price for certain Glitnir obligations pursuant to the 2008 Glitnir CDS Protocol; and/or
  3. November 6, 2008 to determine the final price for certain KaupÞing obligations pursuant to the 2008 KaupÞing CDS Protocol.

Markit Group Limited and Creditex Securities Corp. will administer each auction.

The Protocol(s) are open to ISDA members and non-members. The Protocol(s) will be open between October 27, 2008 and October 31, 2008.

Landsbanki Freezing Order:

 

HM Treasury Issues General License to permit termination, close-out netting and set-off
Landsbanki Freezing Order 2008
Recording of ISDA Conference Call – 9 October 2008