The South China Sea is a region that features multiple, complicated, overlapping teritorial claims.
For the purposes of this market the claimant states are: Brunei, China (PRC), Indonesia, Malaysia, Philippines, Taiwan (ROC) and Vietnam. Note that Indonesia does not claim territory within the SCS, but its Exclusive Economic Zone claim extends into it and is a source of tension with other claimants, thus it is being included here.
SCS is defined according to this wikipedia entry: https://en.wikipedia.org/wiki/South_China_Sea
It can be difficult to define what a conflict is. This market will resolve YES if:
There is a physical clash between the militaries (including the coast guards) of two or more claimant states in the SCS.
AND
At least one side fires shots.
AND
At least one side is reported as suffering casualties.
These conditions are intended to eliminate situations which escalate to the point of warning shots or physical ramming but no further (both of which can be see as steps on an excalation ladder below what is usually considered an act of war).
If there are widespread media reports that these conditions have been met but both parties deny it, I will make a good faith attempt to resolve it to a reasonable degree of certainty.
If these conditions are met but it can reasonably be deemed that it is part of a wider conflict (eg a border war between China and Vietnam, a Chinese invasion of Taiwan or war between the Philippines and Malaysia over Sabah), this market will resolve NA.