Markit iTraxx LevX index dealers have voted to conduct a credit event auction to facilitate the settlement of second-lien European loan-only CDS (ELCDS) trades referencing Truvo. Truvo is a constituent of LevX Subordinated Series 2 and 3.

The move follows last week's vote by ISDA's Determinations Committee to hold an auction on 15 July for CDS trades referencing the entity (see last issue).