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Click here to open ISDA Paper on the Three-Year History of the Credit Derivatives Determinations Committees.

About the Credit Derivatives Determinations Committees

 

A Credit Derivatives Determinations Committee ("DC") currently exists in each of the following regions: the Americas, Asia excluding Japan, Australia-New Zealand, EMEA (Europe), and Japan.

 

Each DC deliberates issues involving Reference Entities traded under Transaction Types that relate to the relevant  region, including Credit Events, CDS Auctions, Succession Events and other issues. The determinations made by the DCs are governed by the Determinations Committees Rules. ISDA acts as a non-voting secretary to each DC and endeavors to co-ordinate this process in a transparent and operationally efficient manner.

 

At the bottom of each page in this section of the website you will find a table listing all issues submitted to the DC for resolution.  Each submission is considered by the DC and binding DC decisions are posted under "More Info" link in the form of DC resolutions. A sort and search function is available. Issues can be viewed by (i) active requests (ii) DC region specific (iii) all requests (iv) credit events only and; (v) succession events only.  There is also a search by issue function.

 

CDS Credit  Event Management: This section lists the active CDS Credit Event issues and provides related information to the market.

LCDS Credit  Event Management: This section lists the active LCDS Credit Event issues and provides related information to the market.

DC Material, Protocol & Committee Info:  This section contains information such as the Determinations Committees Rules, current and past DC members, details relating to the Annual List Review Process and Educational Material. 

Historical Succession Events:  Ongoing process requiring the DCs to consider past Events submitted by market participants as potential Succession Events. 

Credit Event Archive: This section provides you with a list of resolved DC issues and also links to pre-DC related Protocols as well as LCDS auctions. 

Submit a Request to the DC: Market participants can submit a question to the DC using an online form. The DC Secretary (ISDA) will post potential DC issues on this website.

 

 

 

Requests to the Determinations Committees
Issue Number
Submitted By
Date Submitted
Last Updated
Reference Entity
Transaction Type
Question
Category
Further Information Provided by Question Submitter
Committee
More Info
2012051801OZ Management LP 5/18/20125/23/2012STERLING BIOTECH LIMITEDAsia CorporateHas a Failure to Pay Credit Event occurred with respect to STERLING BIOTECH LIMITED?Credit Event http://economictimes.indiatimes.com/markets/forex/falling-rupee-a-ticking-bomb-for-companies-repayment-of-foreign-borrowings-to-cost-more/articleshow/13230871.cms
http://www.bloomberg.com/news/2012-05-17/sterling-biotech-said-to-fail-to-pay-184-million-of-notes.html
Asia Ex-JapanDC DeliberatingMore Info
2012052101UBS AG 5/21/20125/23/2012Houghton Mifflin Harcourt Publishing CompanyNorth American CorporateHas a Bankruptcy Credit Event occurred with respect to Houghton Mifflin Harcourt Publishing Company?Credit Event Link to press release: http://www.hmhco.com/restructuring/official-statementAmericasInitial List PublishedMore Info
2012041001 General Interest Question4/10/20125/22/2012The Sumitomo Trust and Banking Co., Ltd./The Chuo Mitsui Trust and Banking Company, LimitedJapan CorporateHas a Succession Event occurred with respect to The Sumitomo Trust and Banking Co., Ltd./The Chuo Mitsui Trust and Banking Company, Limited?Succession Event http://smth.jp/en/news/2012/E120402.pdf
http://smth.jp/en/news/2012/E120330.pdf
JapanClosedQuestion DecidedMore Info
2012051401UBS Limited 5/14/20125/21/2012Residential Capital, LLCNorth American CorporateHas a Bankruptcy Credit Event occurred with respect to Residential Capital, LLC?Credit Event http://media.ally.com/index.php?s=43&item=543
http://www.kccllc.net/documents/8822900/8822900120514000000000001.pdf
AmericasSupplemental List PublishedMore Info
2012033001UBS AG 3/30/20125/18/2012Sino-Forest CorporationAsia CorporateHas a Bankruptcy Credit Event occurred with respect to Sino-Forest Corporation?Credit Event http://www.newswire.ca/en/story/947597/sino-forest-announces-ccaa-filing-to-pursue-third-party-sale-transaction-or-restructuring-with-noteholders-commences-action-against-muddy-waters

http://www.sinoforest.com/Uploads/SF%20-%20March%2030%202012%20Press%20Release%20-%20Seeking%20CCAA%20Protection%20Final.pdf
Asia Ex-JapanClosedQuestion DecidedMore Info
2012032902UBS Limited 3/29/20125/11/2012eircom LimitedEuropean CorporateHas a Bankruptcy Credit Event occurred with respect to eircom Limited?Credit Event http://pressroom.eircom.net/press_releases/article/eircom_group_submits_application_for_examinership_to_irish_high_court/EMEA (Europe)ClosedQuestion DecidedMore Info
 

 

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