Markit CDX.EM


There are currently two main families of corporate CDS indices: You must not try to alter the Service or the Service content.

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Upon the declaration of a credit event by the ISDA Determinations Committee, the index will be reversioned, and trading in the new index version will commence. The initial issuance is version 1 e. In the event of a "Failure to Pay", or a "Bankruptcy" credit event, the protection seller makes a payment to the protection buyer on the credit event settlement date.

The size of the payment is equal to that which would be paid if protection had been bought on a single name CDS with a notional scaled down by the constituent's weighting in the index. In the event of a "Restructuring" credit event, the index is still reversioned. Instead of simply being settled, however, a single name CDS is spun off which can then undergo the usual single name optional triggering process. Historically, CDS indices have always been traded as a bilateral contracts directly between parties.

This brings with it the additional risk of counterparty default - where one party to a trade fails to meet its obligations under the trade. In this model, both parties to the trade face the CCP, and all members of the CCP pay into a fund to cover costs in the event that one member defaults. Clearnet [12] in There are different families of iTraxx credit default swap index broken down by geographical region consisting of Europe, Asia and a Sterling denominated index.

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