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Big Bang Protocol

An ISDA protocol (published April 8, 2009) which added auction settlement as the standard form of settlement for eligible credit default swap contracts, but explicitly excluded settlement following the occurrence of a Restructuring Credit Event. The protocol also established the ISDA Determinations Committees (DCs) who make binding decisions on eligible Credit Default Swaps (CDS) transactions as to whether a Credit Event has occurred, whether an auction will be held, establishes a backstop date, for Credit Events and Succession Events and whether a particular obligation of the defaulted Reference Entity is deliverable. Also known as the March 2009 Supplement. See also ISDA Determinations Committees and Small Bang Protocol.

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