Secured default protection

Dealers can now offer collateralized default protection for any of millions of credit securities through new Covered Put Options™ (CPOs) that pay strike prices equal to the par value of the underlying security.

Through DelphX, dealers can now offer customized CPOs that precisely meet the protection or speculation requirements of investors. That tailored protection is available for hedging default exposures of millions of underlying corporate, municipal, sovereign and other credit securities.

All CPOs are:

  • Rule 144A securities available for origination and trading through participating dealers
  • Issued with buyer-specified face amount; premium; term; and collateral coverage
  • Eligible for immediate secondary trading upon issuance
  • Continuously collateralized by cash and investment-grade credit securities
  • Transparently administered within the DelphX distributed ledger
  • Continuously benchmarked through validated MAV≡n® pricing forecasts
Guaranteed protection

Meet Bond Market 2.0

Learn more about CPOs and how DelphX enables dealers to efficiently meet the default-hedging needs of credit investors through its risk-diffusing technology.

Read the white paper