The International Swaps and Derivatives Association (ISDA) launched its Auction Settlement Supplement and Protocol, which is the final stage of the process known as 'hardwiring.' This the process of incorporating auction settlement terms into standard CDS documentation.

The key parts of the process include the incorporation into the standard documentation of the auction settlement provisions that eliminate the need for credit event protocols; resolutions of the determinations committees, comprising dealer and buy-side representatives to determine, such as whether credit events have taken place; and the credit and succession event backstop dates that institute a common standard effective date for CDS trades. 

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