EXHIBIT BNovember 21st, 2019
FiledNovember 21st, 2019Contract Overview: An agreement to buy or sell protection on a basket of liquid North America based entities with a high yield credit rating (CDX.NA.HY, CDX.NA.HY.B and CDX.NA.HY.BB) or an investment grade credit rating (CDX.NA.IG). Index: CDX.NA.HY: Series 8 to current. CDX.NA.HY.B: Series 8 to current. CDX.NA.HY.BB: Series 8 to current.CDX.NA.IG: Series 8 to current. Currency: USD Quoting Convention and Minimum Increment: As agreed by counterparties. Minimum Size: As agreed by counterparties. Trading Conventions: Buy = Buy Protection, the buyer of protection pays a premium to the seller in case of a credit event occurring. Credit events include Bankruptcy, Failure to Pay and Restructuring.Sell = Sell Protection, the seller of protection receives the premium payments from the protection buyer. The Seller owns the credit risk of the instrument.High Yield indices such as the CDX.NA.HY are traded on price.Investment Grade indices such as the CDX.NA.IG are traded on spread. Swap Conventio