Markit iTraxx LevX dealers have voted to conduct credit event auction to settle loan-only credit default swap (LCDS) trades referencing British Vita.
The auction terms, including the auction date, will be determined by Markit iTraxx LevX dealers according to LCDS Auction Rules. Markit and Creditex are the official administrators of Credit Event Auctions. The auction date will be determined later.
The Credit Event Auction process was launched in 2005 by Markit and Creditex in collaboration with ISDA and major credit derivative dealers. Since then, Markit and Creditex have conducted 28 Credit Event Auctions and the process has become an integral part of the CDS market’s infrastructure.
L.D.