Delphi Protocol Limits CDS Turmoil
Euromoney - December 2005
This article discusses the protocol developed to allow for cash settlement of Delphi CDS positions. The article quotes
Creditex CEO Sunil Hirani indicating that the protocol marked a "giant step towards the eventual cash settlement of
indices and singles names" in the market. The Delphi protocol for the auction, run by Creditex and Markit, allowed participants
to buy and sell bonds at prices determined by the auction for cash settlement and use the bonds for physical settlement of
single name trades.
