ISDA Credit Default Swap Auction Protocols

October 01, 2008
Following recent credit events, the International Swaps and Derivatives Association (“ISDA”) recently announced its intention to hold auctions in relation to credit default swaps in which Fannie Mae, Freddie Mac, Lehman Brothers Holdings Inc., or Washington Mutual Inc. were named as reference entities. This update examines the ISDA’s 2008 Fannie Mae and Freddie Mac CDS Protocol and the proposed timing of the auction processes.