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Closed
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Ongoing
May 20, 2014: In advance of the Energy Future Intermediate Holding Company LLC and EFIH Finance Inc. Auction (the Auction), the Americas DC sets out below the following information to be considered by customers and Participating Bidders in the Auction. Each capitalized term used but not defined herein has the meaning specified in the Auction Settlement Terms, published by the International Swaps and Derivatives Association Inc. on May 19, 2014, in respect of the Auction.
- When a Credit Derivative Transaction arising in the Auction on terms equivalent to those incorporated into the Representative Auction-Settled Transaction is settled after the Auction, no additional amount is added to the Physical Settlement Amount to reflect any interest that may have accrued but not been paid in respect of a Deliverable Obligation and that would be Delivered along with the Deliverable Obligation at the time of settlement.
- As a result, parties should submit bids or offers in the Auction that take into account any amount of accrued interest delivered that a seller of Deliverable Obligations would expect to be compensated for and a buyer of Deliverable Obligations would be expected to pay.
- This may require adopting a "dirty price" convention for Deliverable Obligations that by market convention trade on a "clean price" but settle with accrued interest.
Customers and Participating Bidders intending to participate in the Auction by submitting bids and offers should therefore ensure that such bids and offers appropriately account for the settlement convention for Deliverable Obligations in the Auction.
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Final List Published
Final List
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Final Auction Terms Published
Final Auction Settlement Terms
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Ongoing
DC Decision 051614
May 16, 2014: Subject to publication of the final Auction Settlement Terms after the current consultation period closes at 12 noon on Monday May 19, the DC confirms that the auction will be held on Wednesday May 21, 2014.
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Supplemental List Published
Supplemental List
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Draft Auction Terms Published
DC Decision 051514
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Ongoing
DC Decision 051514
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Ongoing
DC Decision 051414
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Initial List Published
Initial List
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Ongoing
DC Decision 051314
May 13, 2014: The DC voted to publish the Initial Lists today, May 13, 2014, for each of the four Reference Entities, Energy Future Holdings Corp., Texas Competitive Electric Holdings Company LLC, Energy Future Intermediate Holding Company LLC and EFIH Finance Inc. The DC expects to hold the Auctions for each Reference Entity on Wednesday May 21, 2014, and expects to be able to confirm on Friday May 16 whether or not that will in fact be the auction date. If the deliverable obligations for Energy Future Intermediate Holding Company LLC and EFIH Finance Inc. are confirmed to be identical prior to the date of the Auctions, the DC anticipates holding a single auction for the two entities. In order to combine these two auctions, the DC expects to publish a revised form of Auction Settlement Terms on Thursday May 15, with a shortened comment period to close at 12 noon New York time on Monday May 19.
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Ongoing
May 12, 2014: The DC continued discussing details of the Auction. The DC agreed to reconvene on Tuesday May 13 to continue discussion.
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Ongoing
May 9, 2014: The DC continued discussing details of the auction and agreed not to hold the Auction on or prior to May 19, 2014. The DC agreed to reconvene on Monday, May 12 to continue discussion on Auction terms and timing.
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Ongoing
May 6, 2014: The DC continued discussing details of the Auction. The DC agreed to reconvene on Wednesday, May 7 to continue discussion.
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Ongoing
May 2, 2014: The DC began discussing details of the Auction. The DC agreed to reconvene on Tuesday May 6 to continue discussion.
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Ongoing
May 1, 2014: The DC voted to hold an Auction. The DC agreed to reconvene on Friday May 2 to continue discussion on the Auction terms.
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Ongoing
DC Decision 050114
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Ongoing
The DC reviewed the information submitted and voted on the DC question.
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Ongoing
Yes, a Bankruptcy Credit Event occurred.
DC Decision 04301403
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Request Accepted by DC
