Hedge Funds

Markit and ICE unit Creditex fix date for Greek CDS auction


Following the unanimous decision last week by the Determinations Committee of the International Swaps and Derivatives Association (ISDA) that a restructuring credit event occurred with respect to Greece, Markit and IntercontinentalExchange subsidiary Creditex are to hold a credit event auction to settle credit-default swap trades on the country’s sovereign debt on 19 March.

ISDA declared on Friday that Greece triggered the payment on default insurance contracts by using legislation that forces losses on all private creditors.

The ruling means that up to $3.16 billion of net outstanding Greek credit default swap contracts could be paid out — though