Credit Event Fixings

The Credit Event Fixings are designed to ensure a fair, efficient and transparent process for settlement of credit derivative trades following a Credit Event.  The Fixings were developed by Creditex and Markit (now S&P Global) in close cooperation with ISDA and major credit derivatives dealers and are an integral part of the auction settlement process.  Creditex and Markit (now S&P Global) have jointly acted as administrators of the Credit Event Fixings since their inception in June 2005.

During a Credit Event Fixing, dealers place executable orders on the Creditex platform for obligations of a particular company that has undergone a credit event, such as filing for bankruptcy. A market standard methodology is used to simultaneously execute these orders and generate a final cash settlement price for eligible credit derivative contracts referencing this entity. S&P Global verifies the integrity of the process and calculates the final price which it publishes on this website.