Due to a financial event concerning Country Garden Holdings Company Limited, a specific protocol has been activated in the Trade Information Warehouse. All relevant records in the Warehouse will be automatically processed concerning this event, but firms have the option to opt-out for specific records before a given date.
The DTCC Deriv/SERV LLC has certain operating procedures, and within those procedures, there's the Post-Trade Service of the TIW (Trade Information Warehouse).
The ISDA (International Swaps and Derivatives Association) Determinations Committee has announced that a "credit event" (typically a default or another negative financial occurrence) has taken place concerning Country Garden Holdings Company Limited.
Due to this credit event, the Trade Information Warehouse has activated the "Protocol Adherence Message" function for Country Garden Holdings Company Limited.
As per the ISDA Auction Protocol, when auction settlement details are included in the confirmations, all records in the Warehouse that are eligible will automatically be processed for this credit event. This means that firms don't have to manually submit a request form for this event.
While the process is automatic, firms do have the option to revoke or cancel their adherence for individual records in the Warehouse. However, they need to do this before a specific date, known as the "Event Processing Start Date" for this particular event.
- The ISDA Committee announced a "credit event" for Country Garden Holdings Company Limited, signaling a financial disturbance.
- In response, the Trade Information Warehouse (TIW) activated a specific protocol, the "Protocol Adherence Message" function.
- All relevant records in TIW will automatically undergo processing due to this event.
- Firms aren't required to submit a request for this automatic process.
- However, firms can opt-out for specific records, but must do so before the "Event Processing Start Date."