Schema Central > FpML 5.5 Confirmation > fpml-cd-5-5.xsd > fpml:creditDefaultSwap
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fpml:creditDefaultSwap

In a credit default swap one party (the protection seller) agrees to compensate another party (the protection buyer) if a specified company or Sovereign (the reference entity) experiences a credit event, indicating it is or may be unable to service its debts. The protection seller is typically paid a fee and/or premium, expressed as an annualized percent of the notional in basis points, regularly over the life of the transaction or otherwise as agreed by the parties.

Element information

Namespace: http://www.fpml.org/FpML-5/confirmation

Schema document: fpml-cd-5-5.xsd

Other elements with the same name: fpml:creditDefaultSwap

Type: fpml:CreditDefaultSwap

Properties: Global, Qualified

Content

Attributes

NameOccTypeDescriptionNotes
id [0..1]xsd:IDfrom type fpml:Product

Used in

Substitution hierarchy

Sample instance

<creditDefaultSwap>
   <generalTerms>
      <effectiveDate>
         <unadjustedDate>2002-12-04</unadjustedDate>
      </effectiveDate>
      <scheduledTerminationDate>
         <unadjustedDate>2007-09-06</unadjustedDate>
      </scheduledTerminationDate>
      <buyerPartyReference href="clearer"/>
      <sellerPartyReference href="party2"/>
      <referenceInformation>
         <referenceEntity id="referenceEntity">
            <entityName>Tenet Healthcare Corporation</entityName>
            <entityId entityIdScheme="http://www.fpml.org/spec/2003/entity-id-RED-1-0">8G836J</entityId>
         </referenceEntity>
         <referenceObligation>
            <bond>
               <instrumentId instrumentIdScheme="http://www.fpml.org/spec/2002/instrument-id-CUSIP-1-0">88033GAT7</instrumentId>
               <couponRate>0.06</couponRate>
               <maturity>2011-12-01</maturity>
            </bond>
            <primaryObligorReference href="referenceEntity"/>
         </referenceObligation>
      </referenceInformation>
   </generalTerms>
   <feeLeg>
      <periodicPayment>
         <paymentFrequency>
            <periodMultiplier>3</periodMultiplier>
            <period>M</period>
         </paymentFrequency>
         <firstPaymentDate>2003-03-06</firstPaymentDate>
         <rollConvention>6</rollConvention>
         <fixedAmountCalculation>
            <fixedRate>0.01</fixedRate>
         </fixedAmountCalculation>
      </periodicPayment>
   </feeLeg>
   <protectionTerms>
      <calculationAmount>
         <currency>USD</currency>
         <amount>5000000</amount>
      </calculationAmount>
      <creditEvents>
         <restructuring>
            <applicable>true</applicable>
         </restructuring>
      </creditEvents>
   </protectionTerms>
</creditDefaultSwap>

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