Yesterday, ISDA issued a press release announcing an auction protocol on CDS referencing Toronto-based Nortel Networks Corporation. This marks the fourteenth CDS auction protocol since September 2008, and the twenty-second overall.

The announcement immediately follows Nortel’s filing for bankruptcy protection under Canada’s Companies Creditors Arrangement Act. The terms of the protocol, which is open to ISDA members and non-members alike, will be published on the ISDA website shortly. Nortel is presently North America’s largest telecom.