INTERNATIONAL SWAPS AND DERIVATIVES ASSOCIATION, INC.
For Immediate Release, Friday, March 20, 2009
For More Information, Please Contact:
Cesaltine Gregorio, ISDA New York, +1 212-901-6019, firstname.lastname@example.org
Louise Marshall, ISDA New York, +1 212-901-6014, email@example.com
Donna Chan, ISDA Hong Kong, +852 2200 5906, firstname.lastname@example.org
ISDA to Publish Protocol and
Auction Terms for Rouse
New York, Friday, March 20, 2009 – The International Swaps and Derivatives Association, Inc. (ISDA) today announced that it will launch a CDS auction protocol to facilitate the settlement of credit derivatives trades referencing The Rouse Company LP.
Rouse is a subsidiary of General Growth Properties, Inc., the Chicago-based real estate company. Rouse was reported to have failed to pay more than $2 billion in debt on March 16.
ISDA will facilitate the process by publishing the Protocol and auction terms on its website www.isda.org, in due course. The Protocol will be open to ISDA members and non-members alike. The auction will be administered by Markit and Creditex.
ISDA, which represents participants in the privately negotiated derivatives industry, is among the world’s largest global financial trade associations as measured by number of member firms. ISDA was chartered in 1985, and today has over 820 member institutions from 57 countries on six continents. These members include most of the world’s major institutions that deal in privately negotiated derivatives, as well as many of the businesses, governmental entities and other end users that rely on over-the-counter derivatives to manage efficiently the financial market risks inherent in their core economic activities. Information about ISDA and its activities is available on the Association's web site: www.isda.org.