The credit committees are a forum in which to address issues affecting the business and practice of credit derivatives trading. Taking into account the views of dealers, end-user/hedgers and portfolio managers, the committee aims to find consensus on the most efficient, effective and appropriate means of conducting OTC credit derivatives transactions.
 

CREDIT STEERING COMMITTEE

  • Global Chair: Tom Benison (JPM)
  • Global Chair: Athanassios Diplas (DB)
  • Staff Contact: Karel Engelen (kengelen@isda.org)

ADDITIONAL CREDIT GROUPS

  • Credit Derivatives Market Practice Committee:
        This is a distribution list used to update market participants on developments in the credit derivatives space: How to Join
  • Operations Credit Derivatives Working Group: More Info
  • Asia-Pacific Credit Derivatives Committee: More Info
  • Japan Credit Derivatives Market Practice Committee: More Info

CLEARING

TRANSPARENCY

Quick Links

ISDA CDS Standard Model

ISDA Credit Derivatives



NOVATIONS

SUBJECT
STATUS
AVAILABLE DOCUMENTS

August 2010 Additional Provisions for Consent to, and Confirmation of, Transfer by Novation of OTC Derivative Transactions

These additional provisions were prepared to facilitate the launch of the Consent = Confirmation project for Credit Derivatives Transactions. They are designed for incorporation into the documentation governing use of a Novation Consent Platform to set out the legal effect of a novation consent request processed through that platform. It is intended to apply to users of the relevant platform via the users' agreement to be governed by the platform's rules, and to ensure that consistent legal provisions apply to novation consent requests processed through different platforms.

August 2010 Additional Provisions for Consent to, and Confirmation of, Transfer by Novation of OTC Derivative Transactions
Credit Novation Consent Equals Confirmation: Market Presentation This presentation explains the market practice changes to Credit Novation Consent. The two step practice of consent followed by confirmation is replaced by an automated, single step process for parties to provide their consent and their legal confirmation to a Novation at the same time. Consent Equals Confirmation Market Call Presentation
Comparison of CDS Clearing Proposals ISDA has partnered with Adsatis to collect and assemble a complete picture of the service offerings available for clearing CDS contracts. Survey

PORTFOLIO COMPRESSION

SUBJECT
STATUS
AVAILABLE DOCUMENTS
European CDS Portfolio Compression Dated November 13, 2009 Updated Memo for the Request for Proposals for European single-name CDS Portfolio Compression

RESTRUCTURING

BEST PRACTICE DOCUMENTS

SUBJECT
STATUS
AVAILABLE DOCUMENTS
Standards and practices for handling material non-public information in credit-portfolio management. Final EU principles for Price-Sensitive Credit Information

‘Joint Market Practices Forum’ document - ISDA, IACPM, LIBA, LMA and TBMA finalize EU standards and practices for handling material nonpublic information in credit portfolio risk management activities

(Press Release - May 09, 2005)

Asset-Backed Securities


ISDA submits comment letter to the SEC relating to a registration, disclosure and reporting regime for synthetic securities Comment Letter to Securities and Exchange Commission (SEC) on ABS (March 08, 2005)
Joint Forum Paper on ‘Credit Risk Transfer’ ISDA submits comment on October 2004 regulators’ Joint Forum paper on ‘Credit Risk Transfer’, welcoming paper’s measured assessment of the benefits of CRT. (The Joint Forum paper is available at www.bis.org) Comment on Joint Forum Paper on ‘Credit Risk Transfer’ (January 28, 2005)

ISDA and other associations issue European Recommendations on Handling of Material Nonpublic Credit Information

superseded by Final Recommendations from May 09, 2005 (see above).

ISDA has issued jointly with other trade associations an Exposure Draft addressing these issues in the context of EU legislation. This follows a similar exercise in the US in 2003 (see below).

European Recommendations on Handling of Material Nonpublic Credit Information

(Press Release - January 12, 2005)

Standards and practices for handling material non-public information in credit-portfolio management.

ISDA is working jointly with other trade associations on a paper addressing these issues in the context of EU legislation. This follows a similar exercise in the US in 2003 (see right).

 

‘Joint Market Practices Forum’ document - ISDA, IACPM, LSTA and TBMA finalize standards and practices for handling material nonpublic information in credit portfolio risk management activities

(Press Release – October 07, 2003)

(Documentation)Working Groups** are developing templates for:
(i) swaptions
(ii) credit default swaps on asset-backed securities
** NB: Please register separately for these Working Groups – membership of the Committee does not automatically entail membership of the WGs.

Draft documents are available to members registered for these Working Groups

For other relevant materials, please see the Bookstore/Publications section of this web-site, specifically "ISDA Credit Derivatives Definitions, Supplements & Commentaries". Notably this includes: the 2003 ISDA Credit Derivatives Definitions, various Master Confirmations, and (new in 2004) templates relating to Municipal Reference Entities and First-to-Default baskets.

 (Capital treatment)  

See the section of www.isda.org on the activities on Risk Management.

    See also the section of www.isda.org on the activities on Risk Management.
(Tax – US withholding tax)   See page on this web-site on Tax Committee

FURTHER MATERIALS

  Last Updated: January 26, 2011