Credit default swaps: what happens when protection is tested →
A credit default swap can move credit risk without moving the underlying bond. The payments depend on a defined credit event, a settlement price and the ability to meet the contract.
Intercontinental Exchange, known as ICE, operates market infrastructure and data businesses; its website hosts the historical credit-event auction primer cited here.
ICE hosts the historical Markit/Creditex auction primer; hosting does not make ICE its author or turn a 2010 explanation into current auction terms.
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A credit default swap can move credit risk without moving the underlying bond. The payments depend on a defined credit event, a settlement price and the ability to meet the contract.
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