of Credit Derivatives
Derivatives: Market Info and awareness
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Settlement: The squaring off of a derivative transaction at its maturity or termination by the relevant party making the required net payment and settling the transaction. In a credit derivative, if credit event has not taken place, the derivative is settled on maturity without any payment by the protection seller; if a credit event has taken place on or before maturity, the transaction is settled either by a cash settlement or physical settlement.