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The Bankruptcy StrategistLJN NewslettersNewsSections

The Bankruptcy Hotline

By ALM Staff | Law Journal Newsletters |
February 26, 2007

CME to Offer Exchange Traded Credit Default Derivatives

On Jan. 31, 2007, the Chicago Mercantile Exchange (CME) obtained regulatory approval from the Commodity Futures Trading Commission to offer the first credit default derivatives that are exchange-traded, centrally cleared and guaranteed. These instruments, known as 'Credit Event Futures,' are intended to provide a transparent, liquid and standardized means of acquiring protection against the risk of the bankruptcy of certain entities selected by the CME based upon such entities' liquidity in the over-the-counter credit default swap marketplace.

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