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DTCC successfully completes Greek CDS restructuring credit event processing

Payments on sovereign credit default swaps contracts related to Greece have been successfully completed, according to the Depository Trust & Clearing Corporation (DTCC).

DTCC’s Trade Information Warehouse (TIW) provides post-trade processing services for OTC credit derivative trades.  TIW has completed the restructuring event for the Hellenic Republic (Greece sovereign entity) for single name and index (ITRAXX SovX) transactions.  USD2.89 billion in net funds (US dollar equivalent) were transferred on March 26 from net sellers of protection to net buyers of protection.

The auction for Greece sovereign bonds was held on 19 March. The auction was conducted in accordance with the International Swaps and Derivatives Association (ISDA) protocols. Markit and Creditex are the official administrators of credit event auctions (www.creditfixings.com).

DTCC’s Warehouse is the global electronic central registry for credit default swaps. With a client base that includes virtually all global derivatives dealers and almost 2,300 buy-side firms globally in more than 78 countries, about 98% of all credit default swaps traded are in the Warehouse.

 

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