Financial Times FT.com

Kazakh CDS settlement will prove test case

By Isabel Gorst, Anousha Sakoui and Gillian Tett

Published: April 29 2009 19:46 | Last updated: April 29 2009 19:46

A committee linked to the International Swaps and Derivatives Association on Wednesday started procedures to settle the first set of credit default swaps contracts linked to an East European credit.

The so-called determination committee of ISDA announced that the CDS contracts written on BTA, Kazakhstan’s biggest bank, will be triggered following a partial default by the group.

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