The 2009 Nortel Entities CDS Protocol (the “Protocol”) relates to settlement issues concerning Nortel Networks Corporation and Nortel Networks Limited, ("Nortel Entities").  Nortel Networks Corporation, the Toronto-based telecom giant, announced on January 14 that it will seek creditor protection under the Companies' Creditors Arrangement Act (CCAA) in Canada, along with Nortel Networks Limited (NNL) and certain of its other Canadian subsidiaries.

The purpose of the Protocol is to offer market participants an efficient way to address the settlement issues relating to credit derivative transactions referencing one or both Nortel Entities. The Protocol will offer institutions the ability to amend their documentation for various credit derivatives transactions in order to utilize an auction scheduled for February 10, 2009 to determine the final price for certain obligation. Markit Group Limited and Creditex Securities Corp. will administer the auction.

The 2009 Nortel Entities CDS Protocol is open to ISDA members and non-members. The Protocol will be open between Monday February 2, 2009 and Thursday February 5, 2009.