Russia CDS ruled to have triggered
Credit-default swap contracts insuring against a default on Russian sovereign debt have been triggered, an industry body ruled on Wednesday.
The 14-member Credit Derivatives Determinations Committee, which includes Wall Street heavyweights such as Goldman Sachs and Pimco, ruled unanimously that a failure to pay credit event had occurred with respect to Russian CDS contracts subject to ISDA’s 2014 definitions, the main legal documentation in the market.
More to follow.