The first auction to settle credit default swaps linked to an Asian company is set to go ahead after creditors to Aiful, Japan's third-largest consumer finance group, agreed to restructure its debts.
The move will be a significant test for the CDS market, which has come under pressure from policymakers to increase standardisation and transparency in the wake of the global financial crisis.
CDS contracts provide a form of insurance against default by a borrower and have been blamed by some regulators for exacerbating the crisis.
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