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Derivatives

ISDA Rules No Ex-TXU Unit Credit Event

The determinations committee of the International Swaps and Derivatives Association has ruled that a suggestion in a financial statement that Texas Competitive Electric Holdings, a former unit of TXU and now owned by Energy Futures Holdings, may be insolvent was not a bankruptcy credit event triggering the payout on USD1.2 billion of credit default swaps referencing the firm.

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