UPDATE: Market Participant Asks ISDA If Greek CDS Have Been Triggered

WSJ:

--Anonymous participant queried committee, asking if Greek CDS have been triggered

--Argument is that Greece approved potential use of collective-action clauses

--And that may force losses on private creditors when ECB didn't take losses

--ISDA committee has until 5 p.m. GMT Wednesday to take up Greek CDS case 

(Updates with comment from ISDA in third paragraph, adds details about the committee customs after fifth paragraph.) 

NEW YORK (Dow Jones)--An unidentified market participant has asked a committee of the International Swaps and Derivatives Association to rule on whether the passage of legislation approving collective-action clauses for Greek debt should trigger payouts ...