In an important development for the credit default swap market, a price and protocol was reached to settle CDS index trades referencing Collins & Aikman Corp.'s debt. There are 100 names in the Dow Jones CDX North American High Yield Index, but after Collins & Aikman declared bankruptcy it was removed from the index. The auction enabled parties to amend the trades from a physical to a cash settlement mechanism and the protocol was designed by The International Swaps and Derivatives Association and administered by Markit Group and Creditex. The price for Collins & Aikman's bonds maturing in December 2011 was determined to be 43 5/8. Thirteen dealers submitted live market prices on the bonds and 448 parties adhered to the decision. The $470 million "B" loan is currently quoted at 91 3/8-93 3/8.