Payments on sovereign credit default swaps contracts amounting to $2.89 billion have successfully been completed, said the Depository Trust & Clearing Corporation (DTCC). The payments were processed via DTCCs Trade Information Warehouse (TIW), the global electronic central registry for credit default swaps and provider of post-trade processing services for OTC credit derivative trades.
TIW completed the restructuring event for the Hellenic Republic (Greece sovereign entity) for single name and index (ITRAXX SovX) transactions. The funds were transferred on March 26 from net sellers of protection to net buyers of protection.
The auction for Greece sovereign bonds, in accordance with the International Swaps and Derivatives Association (ISDA) protocols, was held on March 19. Markit and Creditex are the official administrators of credit event auctions.
Since 2008, TIW has processed and settled more than 111 credit events and 12 restructuring events on CDS trades.
Every Tuesday at 5pm Eastern Standard Time, DTCC posts data on the outstanding gross and net notional values on the top 1,000 single name entities underlying CDS contracts and all CDS indices each week.
(JDC)