A credit default swap (CDS) that is traded in multiple currencies, i.e., protection, in case of default, is paid by the protection seller either in the domestic currency where the reference entity is based, or in a foreign currency (usually a liquid currency). Before default of the reference entity (entities) or until the final maturity of the swap, the protection buyer pays the protection seller a protection premium. The premium leg and protection leg may be settled either in the contractual currency (say in baht) or the liquid one (say in dollar).