ISDA to publish protocol for settling Tribune credit derivative trades

By Angela McDaniels

Tacoma, Wash., Dec. 9 - The International Swaps and Derivatives Association, Inc. announced on Tuesday that it plans to launch an auction protocol to facilitate settlement of credit derivative trades referencing Tribune Co., a Chicago-based media company that filed for Chapter 11 bankruptcy on Monday.

The protocol will not cover loan-only credit default swap transactions. ISDA said LCDX dealers were expected to vote Tuesday on whether to hold an auction for loan-only CDS transactions referencing Tribune.

ISDA is based in New York and represents participants in the privately negotiated derivatives industry.

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