ISDA®
INTERNATIONAL SWAPS AND DERIVATIVES
ASSOCIATION, INC.
NEWS
RELEASE
For Immediate Release, Monday, March
30, 2009
For More Information, Please
Contact:
Cesaltine Gregorio, ISDA New York,
+1 212-901-6019, cgregorio@isda.org
Louise Marshall, ISDA New York, +1
212-901-6014, lmarshall@isda.org
Donna Chan, ISDA Hong Kong, +852 2200 5906, dchan@isda.org
ISDA
to Publish Protocol and Auction Terms for Capmark
New York, Monday, March 30, 2009 – The International Swaps and Derivatives
Association, Inc. (ISDA) today announced that it will launch a CDS auction
protocol to facilitate the settlement of credit derivatives trades referencing Capmark
Financial Group Inc., a
diversified company that provides a broad range of financial services to
investors in commercial real estate-related assets.
On March 24, Capmark announced that it failed to make a payment due on its
bridge loan agreement that matured on March 23.
ISDA will facilitate the process by publishing the Protocol and
auction terms on its website www.isda.org, in due course. The
Protocol will be open to ISDA members and non-members alike. Markit and Creditex
will administer the auction, which has tentatively
been scheduled for Wednesday, April 22.
About ISDA
ISDA, which represents participants in the privately
negotiated derivatives industry, is among the world’s largest global financial
trade associations as measured by number of member firms. ISDA was chartered in
1985, and today has over 820 member institutions from 57 countries on six
continents. These members include most of the world’s major institutions that
deal in privately negotiated derivatives, as well as many of the businesses,
governmental entities and other end users that rely on over-the-counter
derivatives to manage efficiently the financial market risks inherent in their
core economic activities. Information about ISDA and its activities is
available on the Association's web site: www.isda.org.
®ISDA is a registered trademark of
the International Swaps and Derivatives Association, Inc.