Today, ISDA issued a press release announcing an auction protocol on CDS referencing British Vita. This will be the second auction protocol based on the European LCDS rules, following the protocol last week on Sanitec.

British Vita is the latest in a string of protocols in the four months since September 2008. During the thirty-nine month period from June 2005 to August 2008, there were only eight protocols. In the four month period since September 2008 there have been thirteen, representing a significant increase in their frequency. The first protocol related to a sovereign, the 2009 Ecuador CDS Protocol, occurred in this most recent period. The auction for Ecuador is scheduled to occur on January 14, 2009. All ISDA protocols and auctions, both before and after September 2008, are listed here.